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