Ola Electric, India’s leading manufacturer of EVs, has invested in an Israeli battery technology company StoreDot, whose batteries offer extreme fast charging (XFC) technology capable of fully charging a battery in five 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.
As part of the investment, Ola will have access to StoreDot XFC battery technology and have exclusive rights to manufacture batteries integrating StoreDot’s technology in India. Ola also announced plans to set up a gigafactory for manufacturing cells.
Bhavish Aggarwal, Founder and CEO, Ola, said, “We are committed 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.”
Dr Doron Myersdorf, StoreDot CEO, added, “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.”
StoreDot has pioneered an extreme fast charging ‘5-Minute charge’ EV battery technology and plans mass production in a couple of years. It is also working on a ‘2-Minute charge’ to be commercialised in the next 10 years.