March 22, 2022
Blog Admin
Ola Electric invests in Israeli battery technology firm StoreDot
Ola Electric has invested in an Israeli battery technology company, StoreDot. As part of the investment, Ola Electric will have access to StoreDot’s state-of-the-art XFC battery technology that charges a battery from 0 to 100% in just 5 minutes.
The investment in StoreDot is the first of several global strategic investments planned by Ola Electric as it looks to ramp up its core R&D in advanced cell chemistry & manufacturing, as well as other battery technologies and new energy systems. The financial details of the deal were not revealed.
As part of the investment in StoreDot, Ola Electric will have access to the company’s state-of-the-art XFC battery technology that charges a battery from 0 to 100% in just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast-charge technology in India.
The company plans to set up a gigafactory for manufacturing cells in the country to meet the demand generated by the Ola Futurefactory, the world’s largest two-wheeler (2W) factory, and has already submitted a bid under the government’s production linked incentive (PLI) scheme for advanced chemistry cell battery storage.
Bhavish Aggarwal, founder and CEO, Ola, in a talk with BigGaddi.com informed about their ambition is to build a complete Ecosystem for EVs here in India.” We are increasing our investments in core cell and battery technologies and ramping up our in-house capabilities and global talent hiring, as well as partnering with global companies doing cutting edge work in this field ”.
Ola Electric’s plans to bring StoreDot’s extreme fast charging battery technology to India and manufacture for its range of EVs will offer Indian consumers vastly superior range and charging speed performance.