New Delhi [India], July 22 : The state-owned oil major, Indian Oil Corporation Ltd (IOCL) has handed over a state-of-the-art green hydrogen fuel cell bus to the Indian Navy, the company said in a release on Monday.
The initiative aims to promote hydrogen and fuel cell technology for heavy-duty e-mobility, positioning the Indian Navy as a pioneer in evaluating this technology in collaboration with the company.
The Memorandum of Understanding was signed between both entities in the presence of Admiral Dinesh K Tripathi, Chief of Naval Staff, S M Vaidya, Chairman, Indian Oil, and senior officials of Indian Oil and Indian Navy. The MoU was exchanged between Vice Admiral, Deepak Kapoor, Controller of Logistics, Indian Navy, and Dr Kannan Chandrasekaran, Executive Director, Indian Oil at the Nau Sena Bhawan, New Delhi.
Speaking at the collaboration with the oil major, Admiral Dinesh K Tripathi, the Chief of Naval Staff of the IndianNavy said, "The partnership between IndianOil and the Indian Navy is built on an unbreakable bond of trust. We will be testing one of the hydrogen buses and looking forward to deploying environment-friendly transportation in larger numbers, and I must thank IndianOil for choosing the Indian Navy as their partner. The bus will adorn our motto of - "Indian Navy - Combat Ready, Credible, Cohesive and Future Ready Force."
S M Vaidya, Chairman, of Indian Oil, expressed his enthusiasm about this initiative, stating, "Today, we come together to celebrate a significant milestone in our shared pursuit of sustainability and environmental stewardship, through this advanced Green Hydrogen fuel cell bus to the Indian Navy, symbolizing our commitment to innovation and green technology." He further added, "As we continue to support our defence forces with innovative, forward-looking solutions that cater to tomorrow's needs. Indian Oil has been leading the way in advancing Green hydrogen and fuel cell technologies."
Indian Oil is currently operating 15 fuel cell buses in Delhi-NCR and Gujarat, accumulating a total mileage of 300,000 kilometres, where each bus is expected to run at least 20000 km.
According to the company, the initiative aims to promote hydrogen and fuel cell technology for heavy-duty e-mobility, positioning the Indian Navy as a pioneer in evaluating this technology in collaboration with Indian Oil, the premier energy company in India. The project will assess the performance of fuel-cell electric buses for public transit in the demanding climatic conditions of the Delhi NCR region, analysing the impact of local fuel and air quality on the performance of fuel-cell systems and vehicles. Additionally, it will evaluate the effectiveness, longevity, and operational reliability of fuel cell buses intended for public fleet utilization.
Earlier, the rating agency Moody's affirmed a stable outlook for state-owned oil companies Indian Oil Corporation Ltd (IOCL) along with the other major state-owned energy entity Bharat Petroleum Corporation Limited (BPCL). The rating agency recognized the IOCL's strong balance sheet, combined with its status as India's largest refining and marketing company.
Indian Oil Corporation Ltd (IOCL) is a leading downstream company specializing in oil refining and marketing and distribution of petroleum products, petrochemicals, and natural gas. The company is listed on Indian stock exchanges and was 51.5 per cent owned by the Indian government as of 30 June 2024.
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