Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian Oil Corporation (IOC) is collaborating with Israel’s Phinergy to manufacture aluminum-air battery systems using recycled aluminum through a joint venture called IOC Phinergy Private Ltd.


Under the agreement, which was signed in the presence of India’s Union Minister of Petroleum and Natural Gas & Steel, Dharmendra Pradhan and Isreal’s Energy Minister, Yuval Steinitz, the JV will also develop fuel cells and indigenous hydrogen storage solutions to promote clean fuel or “green mobility.”


IOC said in a press statement on Mar 17 that the JV had already received signed letters of intent (LoI) from Indian automakers Ashok Leyland and Maruti Suzuki to utilize the batteries made by IOC Phinergy.


Pradhan urged other automotive manufacturers to extend support to the JV for commercializing Aluminum-Air technology, which he said, would not only boost India’s flagship program Make in India but also become self-sufficient in its energy requirements through the local recycling of aluminum.

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