IndianOil Corporation (IndianOil) has signed Letters of Intent (LoI) with M/s. Phinergy, an Israeli start-up company, and YEDA, a technology spinoff company from Weizmann Research Institute,Israel. IndianOil Chairman, Mr. Sanjiv Singh, exchanged the agreements with Mr. Daniel Carmon, Israeli Ambassador in India, in the presence of Hon’ble Prime Minister, Shri Narendra Modi, and the visiting Prime Minister of Israel, His Excellency Mr. Benjamin Netanyahu.
The Letter of Intent with M/s. Phinergy enables IndianOil to work onadoptionof advanced energy systems for the Indian market for both mobility and stationary industrial applications. Going forward, this association could lead to the setting up of manufacturing units for these energy systems initially in India.
Similarly, the Letter of Intent signed with YEDA (Weizmann Institute) will pave the way for research collaboration between both the organisationsfor developing solar to green fuel technologies through concentrated solar thermal route.
IndianOil’s R&DCentre, situated in Faridabad(Delhi-NCR),will spearhead the prospective research collaborations with these entities.