Ashok Leyland signs LoI with Phinergy for EV solutions
Ashok Leyland, flagship of the Hinduja Group, has signed a Letter of Intent (LoI) with Phinergy of Israel to secure long-term arrangements for its EV commercial vehicles. With the intention of providing varying energy management solutions to the customers, both the companies will work towards the adaptation of unique, competitive, and sustainable solutions for high-energy applications in the commercial vehicles space.
Phinergy of Israel has developed cutting edge technology solutions for the use of Aluminium Air Batteries for EV and other applications. With Ashok Leyland, Phinergy will be tailoring its unique technology to meet the demanding high-energy requirements of commercial vehicles in the Indian market.
“As the EV market evolves in India, Ashok Leyland, remains committed to developing differentiated solutions for our customers to help them stay competitive. We see good potential for Phinergy’s technology in India. This will add further to our various portfolios for commercial vehicle EVs, where we are committed to offering our customers competitive solutions with various options that use cutting edge technology”, Karthick Athmanathan, Head - EV and eMobility Solutions, Ashok Leyland, said.
“Over the next few months, we will develop the first few prototypes and trial pilots on different platforms to better tune Phinergy’s offering for various CV applications. Our approach to EV Commercial Vehicles will continue to be such that we move people and goods rather than batteries, with optimal use of battery capacities,” S A Sundaresan, Head of eMobility Tech, Ashok Leyland, said. “We are excited to be part of India’s EV ecosystem and are happy to be offering our technology for CV applications through this relationship with a strong Indian player like Ashok Leyland who also have a commanding global presence. We believe that our high technology solution will help the Indian customer to keep costs low while addressing range anxiety and reliability. We look forward to rapidly developing our offering and scaling up operations for CV applications in India with Ashok Leyland, with whom we have worked closely over the last year,” Aviv Tzidon, CEO of Phinergy, said.
“Given the Grid and Power position in most markets, this will be the first time EV Commercial Vehicles will have a Gridindependent solution that is cost-effective as well as emission-free,” David Mayer, VP of Business Development for Phinergy, said.