Indian Oil has picked up a minority equity stake in Israel’s battery developer Phinergy to jointly set up a facility in India to manufacture metal-air batteries for electric vehicles. This collaboration helps in the field of Al-Air battery system including research & development, customization, manufacturing, assembly, sale and service of aluminium-air energy systems technology.
Phinergy specialises in aluminium-air (Al-Air) and zinc-air battery systems that have potential applications in electric mobility and stationary applications. The preference for this technology is also because aluminium is abundantly available in India and its extraction and recycling technologies are also well established.
Important takeaways for all competitive exams:
- Chairman of Indian Oil Corporation (IOC): Sanjiv Singh.
- Indian Oil Corporation (IOC) founded: 30 June 1959.
- Headquarters of Indian Oil Corporation (IOC): New Delhi.