(ET)
State-owned Indian Oil Corporation (IOC) is in talks with battery makers to license its new technology, which boosts lead-acid battery life by 30% and cuts charging time by 40%, or jointly manufacture storage devices.
IOC, the nation’s largest refiner and fossil fuel retailer, is researching new energy storage technology and improvising older battery technology such as lead-acid to stay relevant in a future when electric mobility is expected to eat into the company’s currently-flourishing liquid fuel business.
The company’s research lab has improvised the leadacid battery and is now exploring ways to take it to the market. “All options are open with us today. We can set up our own manufacturing or we can join hands with some leading battery manufacturer in the country,” SSV Ramakumar, director (research & development) at IOC.
