Phinergy which develops metal-air technology that allows electricity to be generated from metals (aluminium and zinc) using oxygen from ambient air, has reported that the joint company under the ownership of Israeli company Phinergy and Indian energy major Indian Oil Corporation (IOC) have signed two Letters of Intent with Ashok Leyland and Maruti Suzuki India Limited, two Indian vehicle manufacturers.
Under the LOIs, the parties have agreed to collaborate in order to assess commercial uses of the aluminium-air battery developed by Phinergy.
As part of the collaboration with Ashok Leyland, Phinergy’s technology will be integrated in electric buses, while under the collaboration with Maruti Suzuki, the technology will be integrated in electric passenger vehicles. These collaborations follow the collaboration between Phinergy and Mahindra Electric, another vehicle manufacturer in India, whereby a prototype for an electric rickshaw using an aluminium-air battery was recently completed.
The two LOIs were signed as part of an event to inaugurate the incorporation of the joint company owned by Phinergy and Indian Oil Corporation, an event attended by Israeli Energy Minister, Dr. Yuval Steinitz, Indian Cabinet Minister for Petroleum & Natural Gas and Steel, Dharmendra Pradhan, Phinergy Chairman Aviv Tzidon, Phinergy CEO David Mayer, IOC Chairman Shri S M Vaidya, as well as Senior Executives from Mahindra Electric, Ashok Leyland, and Maruti Suzuki.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.