Ola Electric makes strategic investment in StoreDot, an Israeli company with extreme fast charging technology
PR95092
BENGALURU, India, Mar. 22, 2022 /PRNewswire=KYODO JBN/--
Ola Electric, India's leading manufacturer of EVs, has invested in an
Israeli battery technology company StoreDot, a pioneer in batteries with
extreme fast charging (XFC) technology.
The investment in StoreDot 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 & manufacturing as well as other battery technologies
and new energy systems.
As part of the investment in StoreDot, Ola Electric will have access to the
company's state of the art XFC battery technology that charges a battery from 0
to 100% 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.
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, 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."
Dr Doron Myersdorf, StoreDot CEO, said, "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. 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."
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.
About Ola
Ola is India's largest mobility platform and one of the world's largest
ride-hailing companies. Ola revolutionised urban mobility by making it
available on-demand for over a billion people across 3 continents. Today, Ola
continues to move the world to sustainable mobility through its ride-hailing
platform as well as through advanced electric vehicles manufactured at its
Futurefactory, the largest, most advanced, and sustainable two-wheeler factory
in the world. Ola is dedicated to transitioning the world to sustainable
mobility and making the world better than we found it.
For more details, please contact:
Krishnakoli Dutta
Corporate Communications, Ola
media@olacabs.com
Logo: https://mma.prnewswire.com/media/1770335/Ola_Logo.jpg
Source: Ola Elecric
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