Indian Oil Corporation (IOC) on Wednesday inaugurated a joint venture with Israel-based battery technology startup Phinergy to launch IOC Phinergy Private Limited, which will develop fuel cells using aluminium air technology and indigenous hydrogen storage solutions for promoting green mobility.

Maruti Suzuki and Ashok Leyland have also already signed a letter of intent with the newly formed JV for the application and commercial deployment of the storage solutions provided by IOC Phinergy.

Petroleum Minister Dharmendra Pradhan said: “We have the onerous task of ensuring ample access to energy to improve the lives of Indian coupled with the need to have a smaller carbon footprint. This technology to develop indigenous varieties using locally available aluminium fits into the energy vision of India.”

IOC Chairman SM Vaidya noted that cheaper storage solutions were a key part of boosting the use of renewable energy in the Indian transportation sector by dealing with challenges in e-mobility.