Bengaluru-based Ola Electric on Monday confirmed that it has invested in StoreDot, an Israeli battery technology firm that develops extreme fast charging (XFC) technology for e-mobility.
This is the first of numerous global strategic investments that the company expects to undertake. Ola Electric intends to increase its core R&D in advanced cell chemistry and production, as well as other battery technologies and novel energy solutions.
According to the Indian electric vehicle maker, Ola Electric will have access to StoreDot’s cutting-edge XFC battery technology, which can charge a battery from zero to 100% in just five minutes.
The Indian firm, which was valued at $5 billion in January, would have exclusive rights in the country to produce batteries with StoreDot’s quick charging technology.
Ola Electric also noted that the company wants to build a gigafactory in the country to meet the demand produced by Ola Futurefactory, which is expected to be the world’s largest two-wheeler factory. Additionally, the company stated that it has already submitted a bid for Advanced Chemistry Cell Battery Storage under the Indian government’s production linked incentive (PLI) scheme.
Company CEO Bhavish Aggarwal shared the latest investment update on Twitter: “We will be working together to soon bring to market and manufacture its pioneering extreme fast charging cell tech, capable of charging 0-100% in 5 mins in India.”
Aggarwal also stated that the company is committed to ‘Mission Electric’ and accelerating the world’s transition to electric mobility, with an ambition to build a complete EV ecosystem in India.
“The future of EVs lies in better, faster and high energy density batteries, capable of rapid charging and delivering higher range,” he added.
“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 technology, is of strategic importance and a first of many,” Aggarwal said.
The company is now working on electric scooter variants that will compete with Ather 450X, TVS iQube, and the new Bajaj Chetak, among others.
However, Dr Doron Myersdorf, the CEO of 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, has also explained the roadmap ahead.
“Both companies are committed to delivering a zero-emission world, breathing clean air in our cities and ensuring that EV drivers never have to worry about charging times and range anxiety,” he stated.
“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,” added Myersdorf.
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