How do you say electric rickshaw in Indian? Finerji will teach you – the capital market

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The developer of metal-air technology that enables the generation of electricity from a combination of free air oxygen with metals (aluminum and zinc), reports the completion of the development of a prototype for an electric rickshaw based on the aluminum-air battery developed by the company.

The development was done as part of the company’s collaboration with Mahindra Electric, A subsidiary of the Indian giant Mahindra, a leading electric vehicle manufacturer in India and the first to launch an electric vehicle in the Indian market, which in 2019 recorded revenues of about $ 15 billion.

As part of the collaboration, which is in the pilot stages, the implementation and development required to create an electric rickshaw based on the Israeli company’s aluminum-air battery has been completed, with a rickshaw travel range from 130 kilometers to 400 kilometers and allows a charging time of several minutes.

With the completion of the pilot and field trials in India, the companies are striving to launch in the Indian market electric rickshaws in which aluminum-air batteries will be installed. According to the plan, a recharging service of the battery’s energy source (aluminum replacement) will be provided in the network of existing gas stations of Indian Oil, the Indian energy giant that operates about 30,000 gas stations in India and has a revenue volume of about $ 70 billion per year.

According to the company, the use of technology will allow the rickshaw to have a longer travel time compared to lithium batteries of similar size and weight as well as, fast recharging and competitive price. In this way, the range of travel received by rickshaws will increase from 130 kilometers to about 400 kilometers. At the end of the working day, the rickshaws will arrive at Indian Oil gas stations, load in a few minutes and can continue for another working day.

The electric rickshaw market has already reached, according to estimates, a total volume of 3.5 million electric vehicles and is the largest electric vehicle market in India. This market is expected to continue to grow significantly as future estimates for the electric rickshaw field mark a sales potential of 20 million vehicles per year.

David Meyer, CEO of Finerji: ‘The aluminum-air batteries developed by Finergy will allow electric rickshaws to transport passengers without pollution and while preserving the environment. The environmental benefit from electrifying the rickshaws is significant, they are vehicles that move in the city centers and are centers of air and soot pollution. With respect to the polluting engines of ordinary rickshaws, these tools make it possible to reduce air pollution to zero and reduce noise pollution to a level close to zero. Implementing the batteries in rickshaws, the common means of transportation in India and supporting many families, will make it possible to have a more productive working day, without significant breaks.

Phinergy is an Israeli company engaged in the development of systems for the production, backup and storage of clean energy based on metal-air technology, currently trading in market markets of NIS 922 million and the share price is NIS 12.5 per share as of this writing. The company began trading in February 2021 in Tel Aviv and raised NIS 200 million as part of the offering, at a value of NIS 780 million before cash. The company currently employs about 50 people in its offices in Kfar Saba.