IOCL chairman laments limited investment in energy innovations, commits to fund start-ups in hydrogen,mobility space
IOCL Chairman A.S. Sahney has called for increased investment in energy innovation, noting that the sector receives a disproportionately small share of startup funding. The company is partnering with CSIR-NCL to provide financial support to startups focused on hydrogen, mobility, and bioenergy.
Why it matters
Accelerating energy innovation is essential for meeting India's rapidly growing energy demand and transitioning to sustainable power sources.
Indian Oil Corporation Ltd (IOCL) chairman A. S. Sahney on Thursday lamented about the minuscule investment going into energy innovation.
“For all our strength as an energy nation, we have to address a very uncomfortable fact that energy innovation in India has received very less attention, very less capital than its importance demands,” Mr. Sahney told a gathering is start-up founders, academia and industry officials at the CSIR-National Chemicals Laboratory (NCL) in Pune.
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