StoreDot is a “pioneer in batteries with extreme fast charging technology”, the company said, without disclosing financial details.
As part of the investment, Ola Electric will have access to StoreDot’s battery technology which charges a battery completely in five minutes.
Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.
This 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.
Ola Electric said on March 16 that it had
hired former LG Chem chief executive Prabhakar Patil as it plans to make battery cells on its own and to set up a “giga-factory”.
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The company has already submitted a bid under the government’s production-linked incentive scheme for lithium-ion cell manufacturing.
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Currently, Ola Electric buys lithium-ion cells from foreign vendors and assembles them to make battery packs at its factory in Tamil Nadu. The battery pack is the most expensive component of an EV.
“The future of EVs lies in better, faster and high energy density batteries, capable of rapid charging and delivering higher range,” said Bhavish Aggarwal, founder and CEO, Ola. “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.”
In April 2021, the company said it would build the “widest and densest” electric two-wheeler charging network in the world, with more than 100,000 charging points across 400 cities.
“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,” said Doron Myersdorf, chief executive of StoreDot. “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.”
