Having set up electric vehicle (EV) chargers at its fuel stations, Indian Oil Corporation Ltd is expanding into the manufacture of EV batteries in partnership with an overseas start-up. The state-owned oil and gas company will use a non-lithium ion raw material available in India to make the batteries.
The news was revealed by IndianOil chairman Sanjiv Singh after the fossil fuel giant’s annual meeting yesterday in Mumbai.
IndianOil last year signed an agreement with Israeli firm Phinergy for the joint R&D, manufacturing and deployment of metal-air batteries for electromobility solutions as well as stationary energy storage systems.
Singh said India, which has no significant lithium reserves, must look at batteries that can be made using the raw materials available to it.
IndianOil is looking at battery chemistries that can be easily recycled and is considering establishing a special purpose vehicle with its unnamed overseas partner to establish the planned battery plant.
The company recently unveiled plans to invest Rs25,000 crore in alternative energy and sustainable development projects and to scale up its renewable energy generation capacity from 212 MW to 260 MW this year.
Taking its cue from the government’s EV push, IndianOil wants its refuelling stations to become ‘fuel solution centers’ which feature EV chargers alongside petrol and diesel facilities, and has already installed chargers at some outlets.