EV manufacturer Ola Electric has invested in Israeli battery technology company StoreDot, a pioneer of Extremely Fast Charging (XFC) batteries.
The investment in StoreDot is the first of several global strategic investments planned by Ola Electric as it seeks to leverage its core R&D in advanced cell chemistry and manufacturing, as well as other battery technologies and new energy systems, the statement said.
As part of the investment in StoreDot, Ola Electric will have access to the company’s cutting-edge XFC battery technology, which charges a battery from 0 to 100% in just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charging technology in India, it said.
The company plans to create a cell manufacturing gigafactory in the country to meet the demand generated by Ola Futurefactory, the world’s largest 2W factory, and has already submitted an offer under the Government’s PLI plan for battery storage of advanced chemistry.
Bhavish Aggarwal, Founder and CEO of Ola , said: “We are committed to the Electric Mission and to accelerate the world’s transition to electric mobility, our ambition is to build a complete ecosystem for electric vehicles here in India .. The future of electric vehicles lies in better, faster and more energy-dense batteries, capable of charging quickly and providing greater autonomy. We are increasing our investments in cell and battery technologies and growing our in-house capabilities and recruiting talent globally, as well as partnering with global companies doing cutting-edge work in this field. Our partnership with StoreDot, a pioneer in extreme fast charging battery technologies, is strategically important and the first of many.”
Dr Doron Myersdorf , CEO of StoreDot, said, “We are very excited about this strategic partnership with Ola. Both companies are committed to achieving a zero emissions world, breathing clean air into our cities and ensuring that electric vehicle drivers never have to worry about charging times and range anxiety Ola Electric’s plans to bring StoreDot’s extremely fast-charging battery technology to Indiaand manufacturing them for its range of electric vehicles will offer Indian consumers far greater range and charging speed. We are also offering our customers a clear and hype-free technology roadmap that will extend into the future of delivering 100 miles of range on just a 2-minute charge, within a decade.”
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