Indian Oil Corporation (IOC) has signed a research and development agreement with Israeli startups Phinergy and YEDA, a technology spinoff company from Weizmann Research Institute.
A letter of intend in this regard was signed by Indian Oil Chairman Sanjeev Singh with Israeli Ambassador in India Daniel Carmon in the presence of Prime Minister Narendra Modi and Israel Prime Minister Benjamin Netanyahu.
The agreement with Phinergy enables IOC to work on adoption of advanced energy systems for the Indian market for both mobility and stationary industrial applications. This association will also pave the way for setting up of manufacturing units for these energy systems initially in India.
YEDA (Weizmann Institute) will help in the research collaboration between both the organisations for developing solar to green fuel technologies through concentrated solar thermal route.
The research and development will happen out of IOC's Faridabad centre.
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