The Hindu Business Line : IOC-Reva hydrogen car project in limbo

Sources told Business Line that a statement of intent signed by IOC with Reva two years ago lapsed in June this year. There has been no response from IOC to take the project forward, sources said.

As per the statement of intent, two fuel cell hydrogen vehicles were expected to be developed for a pilot project initiated by IOC towards the growth of hydrogen economy in the country. IOC was also expected to create hydrogen infrastructure for the demonstration project as well.

The company had also drawn up a road-map for taking up production, storage and distribution of hydrogen. Both companies had agreed to make an initial investment of between Rs 10 crore and Rs 15 crore to develop the fuel cell-powered cars that were expected to be launched by 2010.

But sources said no investment was agreed upon. “The fact that IOC did not take it forward to the next level indicates that it was not keen to pursue the project,” sources said. Reva’s Deputy Chairman and Chief Technology Officer, Mr Chetan Maini, said even though his company tried to speed up the process, there was no positive response from IOC. Reva had also contracted the Canadian-based Hydrogenics Corporation to supply fuel cell stacks for the car.

Sourcessaid IOC may not have found the project viable . In fuel cells, power is generated when hydrogen and oxygen are combined. Hundreds of fuel cells are stacked together to produce electricity to power a car. Fuel cell-powered cars are twice as powerful as petrol-driven cars. They can run for 250 km on one kg of fuel.

Maini buys Austrian co

Maini Precision has bought an Austrian company which makes parts for engines and power trains. The Maini Precision Products Managing Director, Mr Gautam Maini told Business Line that the acquisition of mec.com, the Austrian company and its subsidiary in Slovakia, Precis Metal, would help Maini to get give them a foothold in Europe. “The acquisition gives us access to cutting edge technology.”

Mr Maini said the company expected revenues of about Rs 260 crore in 2007-08.

Out of this, revenues from the overseas market will be around Rs 100 crore.

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