Reva Electric Car Co. (RECC, Bangalore, India) reported that it has signed an agreement with Indian Oil Corp. (IOC, India) to develop fuel-cell-powered cars. As per the statement of intent signed between the two companies, two fuel cell hydrogen vehicles will be developed for a pilot project initiated by IOC towards the development of hydrogen economy in India.
Both companies would invest between Rs100 million and Rs 150 million to develop the fuel-cell-powered cars that are likely to hit the roads in 2010. Reva had earlier stated that it was in talks with agencies to raise US$15 million for its expansion plans. IOC has drawn a road map to develop the hydrogen infrastructure for the demonstration project on a fleet of vehicles by 2008. The company has also drawn a road map for taking up the activities related to production, storage, distribution and application of hydrogen.
