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LOUGHBOROUGH, England & NEW DELHI - Wednesday, October 24th 2012 [ME NewsWire]

India’s largest oil & gas company to explore use of hydrogen for various fuel cell power systems in the Indian market

(BUSINESS WIRE)-- Intelligent Energy, the global power technology company and Indian Oil Corporation Limited (IndianOil), India’s largest oil & gas company have signed a Statement of Intent to initiate demonstration projects and work collaboratively to develop the use of hydrogen in a range of fuel cell power systems in the Indian market. The Statement of Intent was signed by Dr. S.K. Sarangi, Executive Director, Alternate Energy, IndianOil and Dr. Henri Winand, CEO, Intelligent Energy in the presence of Mr. R.S. Butola, Chairman, IndianOil, at the PETROTECH-2012 event held in New Delhi, India.

Under the agreement, IndianOil and Intelligent Energy will prepare a multi-phased programme to demonstrate and eventually deploy hydrogen-based power systems applications. The collaboration will demonstrate the most appropriate applications for fuel cells using hydrogen generated by IndianOil. This will include exploring applications such as material handling, telecom towers and motive applications, with direct relevance to the growing need in India to adopt low-carbon and high air-quality power system technologies.

Dr. R. K. Malhotra, Director for R&D at Indian Oil Corporation Limited said:“IndianOil is at the forefront of exploring new technology innovations to support the burgeoning energy needs of the Indian subcontinent. We expect this relationship to be taken forward for demonstration of Hydrogen for various Fuel Cell applications”.

Dr. Henri Winand, CEO, Intelligent Energy, said:“Intelligent Energy and IndianOil share a similar vision and commitment to driving innovation in sustainable and more efficient power systems. We are very enthusiastic about the potential of this collaboration with India’s largest oil & gas company to address the very large market opportunities afforded by India’s continued economic growth.”

“Intelligent Energy provides a range of technologies that are key transition assets in the move to a more diverse range of energy sources, which can co-exist alongside hydrocarbons for the provision of energy in the 21st century,” Dr. Winand added.

IndianOil’s exploration of renewable energy is aimed not only towards the diversification of its energy portfolio but also to alleviate energy poverty and improve energy access at the ‘base of the pyramid’ in India. To find out more about IndianOil’s sustainability initiatives, please visit http://www.iocl.com/Aboutus/sustainability.aspx.

About Indian Oil Corporation Limited

IndianOil is India's flagship national oil company, with business interests that straddles the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals. It is the highest ranked Indian corporate in the prestigious Fortune 'Global 500' listing, ranked at the 83rd position in the year 2012. IndianOil and its subsidiaries have a dominant share of the petroleum products market, national refining capacity and downstream sector pipelines capacity in India. IndianOil and its subsidiaries own and operate 10 of India's 22 refineries has a formidable network of over 37,000 customer touch-points dotting the landscape, across urban and rural India besides having a portfolio of powerful energy brands like Indane LPGas, SERVO lubricants, XtraPremium petrol, XtraMile diesel and PROPEL petrochemicals

For more information on IndianOil Corporation Limited, please visit www.iocl.com

About Intelligent Energy

Intelligent Energy is a leading power technology company, with a globally scalable business model. The company enables partners and clients to commercialise its proprietary fuel cell technology for the Motive, Stationary Power and Consumer Electronics sectors.

Intelligent Energy’s proprietary fuel cell systems are powerful, compact and simple to construct, which drives its resource efficient strategy to ‘design once, deploy many times’. This approach enables partners to accelerate and de-risk their go-to-market plans.

In early 2012, Intelligent Energy and the Suzuki Motor Corporation formed a joint venture company - Smile Fuel Cell System Corporation, to develop and manufacture air-cooled fuel cell systems for zero emission vehicles and a range of other industry sectors. Intelligent Energy was also the lead partner in a consortium, delivering a fleet of zero emission Fuel Cell Electric Cabs onto London’s roads in 2012.

Intelligent Energy was born out of Loughborough University and was established in 2001. It now employs over 250 staff at its headquarters in Loughborough with offices situated in London, California, India and Japan.

In addition to visiting the Intelligent Energy website, more information is available via Twitter, YouTube, Flickr, Tumblr and LinkedIn.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50450542&lang=en

*Image 1: Seated left to right: Dr. S.K. Sarangi, Executive Director-Alternative Energy, IndianOil; Dr. Henri Winand, CEO, Intelligent Energy Standing left to right: Dr. R.K. Malhotra, Director-R&D and Board Member, IndianOil; Mr. R.S. Butola, Chairman, IndianOil; Mr. Arun Nemani, Vice President-India, Intelligent Energy Agreement signed on 16-Oct-2012 at PETROTECH-2012 in New Delhi, India (Photo: Business Wire)

Contacts

Dr. Jon Moore

Director of Communications, Intelligent Energy

jon.moore@intelligent-energy.com

+44 15092 71271

 

Sukul M. Bagai

Racepoint Group for Intelligent Energy

sukul.bagai@racepointgroup.com

+44 20 8811 2474