Ola Electric on Monday said it has invested in an Israeli battery technology company, StoreDot, a pioneer 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. 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, 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”.
StoreDot CEO Doron Myersdorf 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.”
StoreDot has pioneered an extreme fast charging ‘5-Minute charge’ EV battery technology and plans mass production in a couple of years and is working on a ‘2-Minute charge’ technology to be commercialised in the next 10 years. Its silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, and reduces EV charging times from hours to just five minutes.”
