Indian Oil Corporation, an Indian Oil and Gas behemoth is venturing into new energy is a large way. It has started with installing EV charging stations at its petrol pumps (Gas stations). Last year the company entered into an agreement for the joint R&D, manufacturing and deployment of metal-air batteries for electromobility solutions with Phinergy of Israel.
The company has now entered into a partnership with an unnamed foreign startup for manufacturing non-Lithium-ion based EV batteries. The company aims to use material readily available in India instead of being dependent on Lithium which is not abundant in India.
Indian Oil intends to invest INR 25,000 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.