Oilmax Energy Private Limited 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 of Oilmax Energy Private Limited, Sachin Patwardhan, Dean of 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 Private Ltd. 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.
Anish Garg, Director of Oilmax Energy Private Ltd., expressed great enthusiasm for the collaboration, stating, “We are thrilled to partner with IIT Bombay and leverage their cutting-edge research capabilities. This collaboration is not just about addressing immediate industry challenges but also about positioning Oilmax Energy for long-term success. By integrating advanced R&D with our industry expertise, we can develop innovative, cost-effective technologies that meet the evolving needs of our clients. This partnership will not only help us bring these solutions to market more quickly but will also strengthen Oilmax’s position as a leader in sustainable energy and industrial innovation. It aligns perfectly with our future goals of expanding into green energy technologies and ensuring that we remain at the forefront of industry advancements. This collaboration is a significant step towards fortifying our company’s foundation and enhancing our capacity to drive positive change in the industries we serve.”
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 specialized 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.