Aditya Birla Group's metals flagship has signed an MoU with Israel-based Phinergy and IOC Phinergy (IOP).
Israel-based Phinergy is a pioneer in metal-air battery technology. IOP is a joint venture between Phinergy and India's leading energy PSU Indian Oil Corporation.As per the MOU, Phinergy and IOP will partner exclusively with Hindalco in India, on R&D and pilot production of aluminium plates for Aluminium-Air batteries, and recycling of aluminium, after usage in these batteries.
"In the Aluminium-Air battery, developed by Phinergy, energy is released when aluminium reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its light weight and high energy density, an Aluminium-Air battery significantly increases the driving range of Electric Vehicles. It also enables quick 'refuelling' and eliminates the need for expensive nationwide charging networks. Aluminium-air batteries are expected to make EV adoption more convenient, and accelerate the transition to zero emission mobility. An added benefit is that aluminium hydroxide in the battery can be recycled to recover aluminium. The leading automobile manufacturers in India are currently testing the technology," Hindalco said in a joint statement.
The EV market, which would be the primary segment for Aluminium-Air batteries, is projected to achieve cumulative sales of 80 million units by 2030, the statement said citing a joint report by the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety, and NITI Aayog.
Aluminium-Air batteries offer a viable alternative to other battery chemistries and will boost the domestic manufacturing of batteries to meet India's growing demand for energy storage, it added.
Satish Pai, MD, Hindalco Industries said, "Climate action is integral to our business and our partnership with Phinergy and IOP is a significant step towards decarbonising mobility. The partnership is also a testament to Hindalco's globally recognised capabilities in innovation and R&D and we are happy to contribute to the development of the Aluminium-Air battery. India has an abundance of aluminium resources and this technology can help enhance the nation's energy and resource security."
Hindalco Industries is the metals flagship company of the Aditya Birla Group. A $26 billion metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium. Hindalco's global footprint spans 50 manufacturing units across 10 countries.
The company's consolidated net profit rose 99.74% to Rs 3,851 crore on 37.67% rise in net sales to Rs 55,764 crore in Q4 FY22 over Q4 FY21.
Shares of Hindalco Industries rose 0.06% to Rs 348.85 on Friday, 15 July 2022.
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