Ola Electric, a leading electric vehicle company has signed an agreement with the government of India under the Production Linked Incentive (PLI) scheme to manufacture advanced cells in the country. The company aims to begin mass production in 2023.
Ola Electric is among the four companies – Rajesh Exports, Hyundai Motors Global, Ola Electric Mobility and Reliance New Energy – to be shortlisted under the first phase of the government of India’s ambitious Rs 80,000 crore PLI scheme. At present, it is the only Indian EV company to be shortlisted under the scheme; and has received the maximum capacity of 20 GWh for its bid in March.
Bhavish Aggarwal, CEO and Founder, Ola said, “Today, 90% of global capacity for cell manufacturing is in China, and to reverse this import dependency locally manufactured cell technology is key. The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the EV value chain. At Ola, our roadmap to develop cell technology and manufacturing is vigorously progressing; making us a stronger vertically integrated mobility company across – products, mobility services and tech.”
The company had recently unveiled what it claims is India’s first indigenously developed lithium-ion cell, NMC 2170 and is investing heavily in developing core R&D to create indigenous advanced cell technologies. To begin mass production of its cell from its upcoming 50 GWh gigafactory, Ola has already roped in global suppliers from Germany, Korea, Japan and other hubs.
Ola’s upcoming Battery Innovation Center (BIC), to be operationalised in August will house advanced labs and high-tech equipment for battery innovation for developing futuristic and localised cell technology. The company is also recruiting top cell R&D talent across the globe and will employ 500 PhDs and Engineers.
It is interesting to note that the company has also partnered and has invested in Israel’s StoreDot, which is working on batteries with extreme fast-charging (XFC) tech. The company says its technology allows a battery to be charged from zero to 100% in five minutes.