Ola Electric makes multi-million-dollar investment in fast-charging battery company StoreDot

Ola Electric has made a multi-million-dollar investment in Israeli battery technology company StoreDot, which specialises in batteries with extreme fast charging (XFC) technology. 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.

As part of the investment, Ola Electric will have access to the company’s XFC battery technology that claims to charge a battery from 0 to 100% in 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India. StoreDot says it is on track to mass-produce silicon-dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024.

OLA Electric plans to set up a gigafactory for manufacturing cells in India to meet the demand generated by Ola’s 2W factory and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage. Ola Electric has qualified the PLI ACC scheme final selection (20 GWh), alongside Hyundai (20 GWh), Reliance (5 GWh) and Rajesh Exports (5 GWh).

Bhavish Aggarwal, Founder and CEO, Ola, said: “The future of EVs lies in better, faster and high energy density batteries, capable of rapid charging and delivering higher range. 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. Our partnership with StoreDot is of strategic importance and a first of many”.

Dr Doron Myersdorf, StoreDot CEO, said, “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. We are also offering our customers a clear, hype-free technology roadmap that will extend far into the future of delivering 100 miles of range in just a 2-minute charge, within a decade.”

Ola is joining a wide range of high-profile investors and partners in StoreDot – a roster that now includes Daimler, VinFast, BP, Samsung, TDK, and EVE Energy. StoreDot’s XFC cells will be available in both pouch and the 4680-family form factor, added a company statement.

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