Indian Oil to collaborate with Israeli battery firm Phinergy

State-owned oil refining and marketing company Indian Oil Corporation (IOC) signed a Memorandum of Intent with the Israel firm, Phinergy for collaboration in the field of metal-air batteries.

The two companies agreed to cooperate in the area metal-air batteries. Phinergy is a pioneer in developing high energy-density systems based on metal-air technology. The company produces aluminium-air and zinc-air batteries. The company claims that its products are safe, affordable and fully recyclable.

The memorandum of intent was signed on Monday during a conference held on the sidelines of Prime Minister of Israel, Benjamin Netanyahu's two-day visit to India.

A metal-air battery uses metal as an anode (similar to a li-ion battery) but draws oxygen from the environment to be used as the cathode. This model helps reduce the weight of the battery and provides greater energy density which will be beneficial for EVs and other means of electric mobility.

Earlier, in November 2017, IOC launched the first electric charging station in India at a petrol pump in Nagpur. This agreement with Phinergy could help the company diversify into the renewable energy segment. IOC also signed a letter of intent with Israel's Yeda Research and Development Company for cooperation in the field of concentrated solar thermal technologies, on Monday. 

On Monday, the stock of IOC closed at Rs. 390.75 per share, up 0.71 per cent.