Electric two-wheelers manufacturer: Ola Electric invests in Israeli battery company: StoreDot for fast charging technology
- ByStartupStory | March 21, 2022
Ola Electric, an Electric two-wheelers manufacturer, announced an investment in StoreDot, an Israeli battery technology company, a pioneer in batteries with extreme fast charging (XFC) technology. As it looks to ramp up its core R&D in advanced cell chemistry and manufacturing, as well as other battery technologies along with new energy systems, the investment marked the first of several global strategic investments planned by Ola Electric.
Ola Electric, as part of the investment, would have access to StoreDot’s state-of-the-art XFC battery technology that charges a battery to 100 percent in just five minutes from zero. Ola would also have exclusive rights in order to manufacture batteries integrating StoreDot’s fast charging technology in India.
The company has also planned to set up a gigafactory for manufacturing cells in the country in order to meet the demand generated by Ola’s two-wheeler Futurefactory and under the government’s PLI scheme for Advanced Chemistry Cell Battery Storage, it has already submitted its bid.
Bhavish Aggarwal, Founder and CEO, Ola, said that they are committed to Mission Electric and to accelerate the world’s transition to electric mobility, their 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.
They are increasing their investments in core cell and battery technologies and ramping up their in-house capabilities and global talent hiring, along with partnering with global companies doing cutting edge work in this field. Their partnership with a pioneer of extreme fast-charging battery technologies, StoreDot, is of strategic importance and a first of many.
Commenting on the investment in the company, Dr Doron Myersdorf, CEO of StoreDot said that they are extremely excited to enter into this strategic partnership with Ola. Both companies are committed to deliver 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 which will offer Indian consumers vastly superior range and charging speed performance. They are also offering their customers a clear, hype-free technology roadmap that will extend far into the future of delivering 100 miles of range in the duration of just a two-minute charge, within a decade.
In August 2021, Ola entered the electric two-wheeler segment and started delivering in December 2021.
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