Financial Daily from THE HINDU group of publications
Sunday, Jun 05, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 05, 2005 |
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Corporate
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Alliances & Joint Ventures Reva, IOC to develop fuel cell-powered cars Our Bureau
Mr Sudarshan Maini, Chairman of Reva Electricity Car Company, with a model of fuel-cell hydrogen car in Bangalore on Saturday. — G.R.N. Somashekar
Bangalore , June 4 ELECTRIC carmaker Reva on Saturday signed an agreement with Indian Oil Corporation (IOC) to develop fuel cell-powered cars. The Reva Electric Car Company Chairman, Mr Sudarshan Maini, told a news conference that both the companies would invest between Rs 10 crore and Rs 15 crore to develop the fuel cell-powered cars that are likely to hit the roads in 2010. As per the statement of intent signed between the two companies, two fuel cell hydrogen vehicles will be developed for a pilot project initiated by IOC towards the development of hydrogen economy in India. Reva had earlier stated that it is in talks with IFC and other agencies to raise $15 million for its expansion plans. IOC has drawn a road map to develop the hydrogen infrastructure for the demonstration project on a fleet of vehicles by 2008. The company has also drawn a road map for taking up the activities related to production, storage, distribution and application of hydrogen. "IOC will provide majority of the funding cost for the project and will create the hydrogen infrastructure first at its R&D centre at Faridabad followed by Delhi and Agra for these fuel cell hydrogen cars to operate," the IOC Research and Development Director, Mr B.M. Bansal, said. Reva has tied up with the Canadian-based Hydrogenics to develop some parts of the new fuel cell cars. The Deputy Chairman, Mr Chetan Maini, said Reva has so far sold 1,000 electric cars, of which 250 have been exported. The company's cars in the UK cost about Rs 7 lakh, which is double the price of those sold in India. Mr Maini said fuel cell-powered cars are twice as powerful as petrol-driven cars. They can run for 250 km on 1 kg of fuel.
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