Oilmax Energy Signs MoU With IIT Bombay For R&D In Energy And Green Tech

Oilmax Energy, a leading Mumbai-based oil and gas company, has signed a (MoU) with IIT Bombay to collaborate on research and development (R&D) in petroleum, mining, industrial and green energy technologies. This partnership aims to create cost-effective, real-world solutions for industries and consumers, with a focus on innovation and sustainability.

The MoU signing ceremony was attended by key dignitaries, including Anish Garg, Director, Oilmax Energy, Sachin Patwardhan, Dean, Research & Development at IIT Bombay and Alankar from IIT Bombay, who will lead materials research for the initiative. Also present was Debashree from the Office of the Dean R&D, who will support the coordination of the partnership.

The collaboration between Oilmax Energy and IIT Bombay will combine IIT Bombay's strong R&D capabilities with Oilmax’s industry knowledge. The initial focus will be on developing air conditioning and passive cooling solutions, which can be used in industries such as manufacturing, logistics, IT and real estate. 

Prototyping for these solutions is already in progress, with the first prototype expected by the end of 2024. The R&D team is currently forming a specialised group of graduates and researchers from IITs across India. As the collaboration grows, more students and resources from IIT Bombay will be involved to further expand innovation efforts.

Regarding investment, Oilmax Energy plans to increase R&D spending as important milestones are reached. While the total investment is still in the planning stage, the company is prepared to invest significantly over the next five years to support the development and implementation of these technologies. The R&D budget for the first year is expected to be between INR 1-2 Crores, with the possibility of increasing funds as the project moves forward.