In a press release issued on Monday, Ola Electric announced that it had invested in StoreDot, an Israeli battery technology company that has pioneered the use of batteries with ultra-rapid charging (XFC).
Ola Electric’s investment in StoreDot is the first of a series of global strategic investments it plans to make in advanced cell chemistry and manufacturing, as well as other battery technologies and new energy systems. For the time being, the deal’s financials were kept under wraps.
As part of the investment, Ola Electric will have access to StoreDot’s cutting-edge XFC battery technology, which can charge a battery from 0% to 100% in just 5 minutes. Fast-charging batteries incorporating StoreDot’s technology will be manufactured exclusively by Ola in India.
For the Ola Futurefactory, the world’s largest two-wheeler (2W) factory, the company plans to build a megafactory in the country to manufacture cells and has already applied for the government’s production linked incentive (PLI) scheme for advanced chemistry cell battery storage.
Founder and CEO Bhavish Aggarwal stated: “We are committed to Mission Electric and to speeding up the world’s transition to electric mobility. Our ambition is to build a complete ecosystem for EVs here in India. Better, faster, and higher energy-density batteries are the keys to the success of electric vehicles in the future. Increased investments in core cell and battery technologies are being made by the company, as well as increased in-house capabilities, global talent hiring, and collaborations with global companies that are doing cutting-edge work in this area. This is the first of many partnerships with StoreDot, a pioneer in the field of ultra-rapid battery charging.
“This strategic partnership with Ola excites us to the hilt,” said StoreDot CEO Doron Myersdorf. With these partnerships, both companies are working to make our cities healthier places to live by eliminating pollutant emissions and ensuring that electric vehicle drivers never have to be concerned about charging times or range anxiety. Customers in India will benefit greatly from Ola Electric’s plans for StoreDot’s extreme fast charging battery technology to be brought to India and manufactured for its EVs. Customers can look forward to 100 miles of range in just two minutes of charging in the next decade with a clear, hype-free technology roadmap from us.
StoreDot pioneered the “5-Minute charge” EV battery charging technology and plans to mass produce it in a few years. The company is also working on a “2-Minute charge” charging technology that it hopes to commercialise in 10 years. “A silicon-dominant anode technology significantly improves the conventional lithium-ion batteries and reduces EV charging times from hours to just five minutes,” says the company.
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