Ola Electric announces strategic investment in Israel-based StoreDot
Softbank-backed Ola Electric has announced a strategic investment in StoreDot, an Israel-based fast charging technology company for Electric Vehicles (EVs). Ola Electric said that the investment is the first of the several global strategic investments planned by the company 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.
Ola Electric is reportedly one of the companies which has won the bid under the Rs 18,100 crore production-linked incentive scheme by government for Advanced Chemical Cell Battery storage to boost EV manufacturing capabilities within the country.
Ola Electric said that as a part of the investment in StoreDot, the company will have access to the state-of-the-art XFC battery technology that charges a battery from 0 to 100 per cent 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, as per a company statement.
"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, as well as partnering with global companies doing cutting edge work in this field. Our partnership with StoreDot, a pioneer of extreme fast charging battery technologies, is of strategic importance and a first of many," Bhavish Aggarwal, founder and CEO, Ola, said.
StoreDot has pioneered an extreme fast charging '5-Minute charge' EV battery technology and plans mass production in a couple of years and is working on a '2-Minute charge' technology to be commercialised in the next 10 years. Its silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, and reduces EV charging times from hours to just 5 minutes.
"We are extremely excited to be entering into this strategic partnership with Ola. Both companies are committed to delivering a zero-emissions world, breathing clean air in our cities and ensuring that EV drivers never have to worry about charging times and range anxiety," Doron Myersdorf, StoreDot CEO, said
"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. 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," Myserdorf added.