The state-owned Indian Oil Corporation (IOCL) and Israeli battery developer Phinergy have formalised a joint venture (JV) to manufacture ultra-lightweight metal-air batteries for electric vehicles (EVs).

The venture got its first customers in Maruti Suzuki and Ashok Leyland. The JV will replace lithium with aluminum to make batteries that will charge faster and give a longer run.

IOC had in February 2020 acquired a minority stake in Phinergy. Maruti Suzuki and Ashok Leyland signed a letter of intent (LoIs) with the newly incorporated JV.

Phinergy develops an assortment of zero-emission batteries including aluminum-air and zinc-air batteries designed to offer power sources for electric cars.

The IOCL and Phinergy joint venture (JV) will set up a factory in India to manufacture aluminum-air batteries for electric vehicles and stationary applications.

The JV plans to manufacture aluminum-air systems in the country, which will provide a boost to Make in India.