Hindalco collaborates with Phinergy and IOP for revolutionary Aluminium-Air batteries for EVs; stock zooms ~3%

18 Jul 2022 , 10:02 AM

Aditya Birla Group’s metal flagship, Hindalco Industries Limited, has signed an MoU with Phinergy, a leading Israel-based pioneer in metal-air battery technology, and IOC Phinergy Private Limited (IOP), a joint venture between Phinergy and Indian Oil Corporation.

According to the MOU, Phinergy and IOP will work exclusively with Hindalco in India on R&D and pilot production of aluminium plates for Aluminium-Air batteries, as well as aluminium recycling after use in these batteries.

When aluminium reacts with oxygen in ambient air to produce aluminium hydroxide, energy is released in the Aluminium-Air battery developed by Phinergy.

An Aluminium-Air battery significantly increases the driving range of Electric Vehicles due to its lightweight and high energy density. It also allows for rapid ‘refueling’ and eliminates the need for costly nationwide charging networks.

Aluminium-air batteries are expected to make EV adoption easier while also hastening the transition to zero-emission mobility. Another advantage is that the battery’s aluminium hydroxide can be recycled to recover aluminium. The technology is currently being tested by India’s leading automobile manufacturers.

At around 10.06 AM, Hindalco Industries was trading at Rs360.95 up by Rs10.35 or 2.95% from its previous closing of Rs350.60 on the BSE. The scrip touched intraday high and low of Rs362.35 and Rs354.10 respectively.