Ola Electric invests in Israeli firm StoreDot

Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.

Published: 22nd March 2022 07:56 AM  |   Last Updated: 22nd March 2022 07:56 AM   |  A+A-

The first in a range of Ola electric two-wheelers, the Ola Scooter will roll out from the Ola Futurefactory, being built on a 500-acre site in Tamil Nadu.

Image for representation

By Express News Service

NEW DELHI: Electric vehicle maker Ola Electric has invested in an Israeli battery technology company StoreDot which the company claims is a pioneer in batteries with extreme fast charging (XFC) technology.

As part of the investment, Ola Electric will have access to StoreDot’s XFC battery technology that charges a battery from 0 to 100% in 5 minutes, as claimed.

Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India. The investment in StoreDot, according to Ola, is the first of several global strategic investments planned by Ola Electric to ramp up its core R&D in advanced cell chemistry & manufacturing as well as other battery technologies and new energy systems.

To note, the Softbank backed company has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage. Ola also has plans to set up a factory for manufacturing cells in India to meet the demand generated by electric two-wheeler plant.

Bhavish Aggarwal, Founder and CEO, Ola, said: “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 is of strategic importance and a first of many”.

Ola is not the only company which is investing heavily on ramping up the charging ecosystem as electric vehicle sales in India is expected to increase manifold in the coming years. 



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