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IOCL, Phinergy Ltd form JV to manufacture Metal-Air Batteries;2 Indian firms sign LoI

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IOC, Israeli firm form JV to to manufacture metal-air batteries for EVOn March 17, 2021, An ‘Equal’ Joint Venture (JV) called ‘IOC Phinergy Private Limited’ of Indian Oil Corporation Limited (IOCL) & Israeli firm ‘Phinergy ltd’ was formalised. Under the JV, both entities will also undertake research and development, assembly, manufacturing & sale of aluminium-air batteries for the Indian market.

  • Objective – To manufacture Ultra-Lightweight Metal-air Batteries for Electric Vehicles (EVs) using Aluminium Air Batteries (Al-Air) technology & to boost the e-mobility.
  • The partnership will help India in realizing  ‘Atma Nirbhar’ for energy requirements.
  • The JV also aims to develop fuel cells & Indigenous hydrogen storage solutions for promoting green mobility (with a focus on electric vehicles).
  • Dharmendra Pradhan, Ministry of Petroleum and Natural Gas & Dr Yuval Steinitz, Minister of Energy, Israel were present during the launch.

First Customers

  • Maruti Suzuki & Ashok Leyland signed a Letter of Intent (LoI) with the new JV ‘IOC Phinergy Private Limited’  for support &  commercialization of its  Al-Air Technology.
  • Indian automobile firms Maruti Suzuki, Ashok Leyland & Mahindra Electric will be part of the validation of the technology.

Use of Recyclable Aluminium

  • The JV aims to replace Lithium with Aluminium to make batteries that will charge faster and give a longer run.
  • Domestically available Recycled Aluminium will be used for the Project.


  • The collaboration was initiated during the visit of Indian Prime Minister Narendra Modi to Israel in July 2017.


  • It will help in the decarbonization of mobility.
  • It will help in the Faster adoption of e-vehicles in India.
  • It will also help in addressing the challenges faced by customers of e-Vehicles such as Range anxiety, Higher cost of purchase & safety issues.

Recent Related News:

i.On November 20, 2020, IOCL notified that it successfully conducted a ‘Proof of Concept’ feasibility study on ‘zero-emission electric mobility at one of its fuel stations in Bengaluru, Karnataka.

About Indian Oil Corporation Limited (IOCL):

Chairman – Shrikant Madhav Vaidya
Headquarters – New Delhi

About Phinergy:

CEO – David Mayer
Headquarters – Lod, Israel