Ashok Leyland, flagship of the Hinduja Group, and one of the largest commercial vehicle manufacturers in India, took the next step to secure long-term arrangements for its EV Commercial Vehicles by signing a Letter of Intent (Lol) with Phinergy of Israel. With the intention of providing varying Energy Management solutions to the customers, Ashok Leyland and Phinergy 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", said Karthick Athmanathan, Head-EV and eMobility Solutions, Ashok Leyland.

"Over the next few months, we will develop the first few prototypes and trial pilots on different platforms in order 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", added S.A. Sundaresan, Head of eMobility Tech, and Ashok Leyland.

Shares of the company gained Rs 2.15, or 1.76%, to settle at Rs 124.45. The total volume of shares traded was 924,842 at the BSE (Wednesday).