Ola Electric invests in Israeli battery company StoreDot for fast charging technology
The investment would give Ola Electric access to StoreDot's pioneering five-minute extreme fast charging technology.
Electric two-wheelers manufacturerannounced an investment in Israeli battery technology company StoreDot, a pioneer in batteries with extreme fast charging (XFC) technology. The investment marked 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 and manufacturing, as well as other battery technologies along with new energy systems.
As part of the investment, Ola Electric would have access to StoreDot’s state-of-the-art XFC battery technology that charges a battery from zero to 100 percent in just five minutes. Ola would also have exclusive rights to manufacture batteries integrating StoreDot’s fast charging technology in India.
The company also plans to set up a gigafactory for manufacturing cells in the country to meet the demand generated by Ola’s two-wheeler Futurefactory and has already submitted its bid under the government’s PLI scheme for Advanced Chemistry Cell Battery Storage.
Bhavish Aggarwal, Founder and CEO, Ola, said,
“We are committed to Mission Electric and to accelerate the world’s transition to electric mobility, our ambition is to build a complete ecosystem for EVs here in India. 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, a pioneer of extreme fast-charging battery technologies, is of strategic importance and a first of many”.
Commenting on the investment in his company, Dr Doron Myersdorf, CEO of StoreDot said,
“We are extremely excited to be entering into this strategic partnership with Ola. Both companies are committed to delivering a zero-emissions world, breathing clean air in our cities and ensuring that EV drivers never have to worry about charging times and range anxiety. 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 two-minute charge, within a decade.”
Ola entered the electric two-wheeler segment in August 2021 and started delivering in December 2021.
Edited by Kanishk Singh