IOC acquires stake in Israeli battery developer Phinergy

New Delhi: State-owned Indian Oil Corp (IOC) on Tuesday said it has acquired a minority stake in Israeli battery developer Phinergy Ltd for developing ultra lightweight metal-air batteries that can be used in electric vehicles (EVs).

"To start with, IOC has taken a minority equity stake in Phinergy," the company said in a statement, without giving details about the size of interest or the acquisition cost.

Founded in 2008, Phinergy develops an assortment of zero-emission batteries including aluminum-air and zinc-air batteries designed to offer power sources for electric cars.

IOC and Phinergy will form a joint venture in India to collaborate in developing aluminium-air battery system including research & development, customisation, manufacturing, assembly, sell and service of aluminium-air energy systems technology.

"The joint venture intends to set up a factory in India to manufacture aluminium-air batteries for electric vehicles and stationary applications and facilitate development of eco-system for Al-Air technology," the statement said. Phinergy specialises in aluminium-air (Al-Air) and zinc-air battery systems that have great potential applications in electric mobility and stationary applications.

Aluminium is naturally available in India and its extraction and recycling technologies are also very well established.

"IOC's collaboration with Phinergy in the field of Al-Air will help in reducing import dependence of the country and isolates the country's

energy requirements from global geo-political and currency risks," it said.