- Ola Electric makes strategic investment in StoreDot, an Israeli company with extremely fast charging technology
Ola Electric, India’s leading manufacturer of EVs, 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.
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 Ola Futurefactory, the world’s largest 2W factory and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage.
Ola Electric makes Strategic investment in StoreDot: Highlights
- Ola Electric, India’s leading manufacturer of electric Two-Wheeler, makes multi-million-dollar investments in StoreDot
- StoreDot is on track to mass-produce silicon-dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024
- Ola Electric joins StoreDot’s global strategic partners, including Daimler, BP, Samsung, TDK, EVE and VinFast
- Ola Electric to manufacture cells with StoreDot’s extreme fast charging technology in India
- ‘100% in 5 Min’ battery cells are currently in real-world testing by leading automotive manufacturers
Bhavish Aggarwal, (Founder & CEO), Ola, Twitted “We’re investing big into future cell tech. Excited to announce a strategic partnership with StoreDot of Israel. 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.
We’re building a complete EV ecosystem in India with R&D across 2W, 4W and cell, and manufacturing at a global scale.”
We’re investing big into future cell tech. Excited to announce a strategic partnership with StoreDot of Israel. 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. (1/2)
— Bhavish Aggarwal (@bhash) March 21, 2022