Phinergy will present a Tata Motors passenger vehicle prototype, powered by Phinergy's aluminum-air battery, at the largest automobile exhibition in India

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Nov 15, 2022, 10:00 ET

Tata Motors is one of the leading and largest car manufacturers in the world, with an annual turnover of approx. US$ 35B
The car will be displayed at the booth of IOP, the joint venture of Phinergy and Indian Oil Corporation
Auto Expo India is one of the most significant exhibitions in the automotive industry in Asia
The Indian automobile market is the fourth largest in the world, with a double-digit growth

KFAR SABA, Israel, Nov. 15, 2022 /PRNewswire/ -- Phinergy (TASE: PNRG), which develops metal-air technology that combines oxygen from the air with metals to generate electricity, will present the prototype of the Tata Tiago electric car, developed by Tata and powered by the Phinergy system, at Auto Expo India 2023.

Phinergy has set-up a joint company in India with Indian Oil, called IOC Phinergy Private Limited (IOP). IOP and Phinergy have signed MOUs with several leading car manufacturers in the Indian market. The company has also recently demonstrated a 500 km continuous drive powered by aluminum energy on a Mahindra Electric three-wheeler.

According to David Mayer, Phinergy's CEO, "At this exhibition we will present for the first time a Tata vehicle powered by Phinergy's energy system. That system is aluminum-based, which is widely available in India (as opposed to lithium).

Tata is a leading automobile corporation in India. Developing this vehicle in partnership with such a prominent corporation and its display at such a renowned exhibition strengthen the company's position as a leading company that brings true innovation to the field of electric vehicles.

Owing to the green solution we developed, the aluminum-air batteries, and the ecosystem we created in India, which includes three Indian car manufacturers, Indian Oil corporation which owns 35,000 gas stations (where aluminum will be sold as energy), and Hindalco Industries which produces the aluminum, we shall be able to move towards clean aluminum-based electric transportation in India."

About Phinergy: Phinergy, is an innovative cleantech company based in Israel, developing and commercializing breakthrough clean energy generation and storage solutions based on its patented metal-air technology. Phinergy's Aluminum-Air energy system provides zero-emission, high energy density solutions for stationery and mobility applications.

Phinergy started trading on the Tel-Aviv Stock Exchange in February 2021, and as part of the offering, it has raised NIS 200M, based on a valuation of NIS 780M pre-money. The company currently employs about 60 people in its offices in Kfar Saba, Israel.

Contact information:
Roie Davidovich
Business Development Director

SOURCE Phinergy