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 new funding comes as part of StoreDot’s Series D investment round. It will be used for research and development and to accelerate the scaling up to mass production its silicon-dominant anode XFC lithium-ion cells, which will be initially capable of delivering 100 miles of range in 5 minutes of charge by 2024.
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. 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.
It recently announced a $100 million investment to set up Ola Futurefoundry, its global center for advanced engineering and vehicle design, in the UK where it will work on its future range of electric vehicles including both four and two-wheelers, in collaboration with its Bengaluru center.
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.
Ola is joining a wide range of high-profile investors and partners in StoreDot – a roster that now includes Daimler, VinFast, BP, Samsung, TDK, and EVE Energy. The company is also working closely with major automotive manufacturers on next-generation electric vehicles and architectures, currently conducting real-world tests with the silicon-dominant-anode advanced ‘100in5’ cell samples. StoreDot’s ground-breaking XFC cells will be available in both pouch and the 4680-family form factor – the formats increasingly favored by global car manufacturers.
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.”
