Former LG Chem Power CEO Prabhakar Patil joins Electric Vehicle Maker: Ola Electric
- ByStartupStory | March 17, 2022
On Wednesday, Ola Electric, an Electric vehicle maker, said it appointed Prabhakar Patil, former CEO of LG Chem Power, onto its company’s board. In order to build indigenous cell technology and manufacture Lithium-ion cells in India at scale, the appointment is in line with Ola Electric’s vision.
LG Chem is one of the leading lithium-ion cell manufacturing companies. At present, lithium-ion cells are buyed from foreign vendors by Ola Electric and to make battery packs they assemble them at its factory in Tamil Nadu. The most expensive component of an EV is the battery pack.
For strategic investments into related companies that will enable the EV manufacturer to provide higher density and higher battery performance for its upcoming range of two and four-wheeler EVs, as part of Ola Electric’s plans to ramp up its core R&D in advanced cell chemistry and manufacturing, other battery technologies, and new energy systems, the company is scouting for opportunities around the world.
Speaking about the new development, Bhavish Aggarwal, Founder and CEO, Ola, said that they are investing deeply in core R&D in order to create indigenous advanced cell technologies and invest them into large scale manufacturing of batteries. He is looking forward to working closely with Dr Prabhakar as they deepen their focus and investments into advanced cell research and large scale manufacturing in order to build the best battery technologies right here in India and create a global EV hub with their Future Factory at its centre.
He further added that they have already applied for the Government of India’s $2.4 billion PLI scheme for developing advanced cells, and with up to 50GWh capacity will set up a cutting edge cell manufacturing facility right here in India. Dr Prabhakar’s expertise will help them accelerate this process of bringing indigenously designed and manufactured cells in the market.
Upon joining the Ola Electric Mobility Board, Prabhakar Patil said that he is delighted to join the Ola team and to do what he can in order to support their quest to fundamentally transform major segments of India’s electric mobility system so as to make it sustainable and self-reliant.
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