Indian electric mobility player Ola Electric has invested in Israel-based extreme-fast charging EV battery developer StoreDot as it plans to set up a cell gigafab in India.
The investment gives Ola Electric access to StoreDot’s battery technology that charges a battery from 0 to 100% in just five minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.
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 and manufacturing as well as other battery technologies and new energy systems.
Ola plans to set up a cell gigafactory in India to meet the demand generated by Ola Futurefactory, a global manufacturing hub for its electric two-wheelers and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage.
Bhavish Aggarwal, founder and chief executive officer, 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, ramping up our in-house capabilities and global talent hiring, and 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”.
Doron Myersdorf, StoreDot chief executive officer, 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.”
StoreDot plans mass production of its ‘5-minute charge’ EV battery technology in a couple of years and is already working on a ‘2-minute charge’ technology to be commercialized in the next ten years. Its silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, as it reduces EV charging times from hours to just five minutes.
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