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Indian Oil Corporation has signed letters of intent (LoI) with Phinergy, an Israeli start-up, and YEDA, a technology spin-off from Israel’s Weizmann Research Institute.
A company statement said the agreement with Phinergy allows IndianOil to work on adoption of advanced energy systems for the domestic market for both mobility and stationary industrial applications. This association could lead to the setting up of manufacturing units for these energy systems, initially in India.
The LoI signed with YEDA will allow research collaboration between both the organisations for developing solar to green fuel technologies through concentrated solar thermal route.
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