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EV manufacturer Ola Electric has made a strategic investment in an Israeli battery technology company StoreDot, which has built batteries with extreme fast charging (XFC) technology.
The investment in StoreDot is said to be 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. However, Ola did not disclose how much it has invested and what stake it owns now in StoreDot.
As part of the investment in StoreDot, Ola Electric will have access to the company’s XFC battery technology that is said to charge a battery from 0 to 100 per cent in five minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s XFC technology in India.
StoreDot has built a ‘5-Minute charge’ EV battery technology and plans mass production in a couple of years. It is also working on a ‘2-Minute charge’ technology to be commercialised in the next 10 years. StoreDot’s silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, and reduces EV charging time from hours to five minutes.
Ola plans to set up a gigafactory for manufacturing cells in the country to meet the demand generated by Ola Futurefactory and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage.
Bhavish Aggarwal, Founder and CEO, 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 and ramping up our in-house capabilities and global talent hiring. Our partnership with StoreDot is of strategic importance and a first of many”.
Dr Doron Myersdorf, StoreDot CEO, said, “Ola Electric’s plans to bring StoreDot’s XFC 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.”
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