Upping its stake in the electric vehicle segment, homegrown multinational ride-sharing company Ola Electric has announced to pick a substantial stake in Israeli cell technology company StoreDot.
The investment in StoreDot is the first of several global strategic investments planned by the company as it looks to ramp up its core R&D in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems. StoreDot, a pioneer in batteries with extreme fast charging (XFC) solutions.
As part of the investment in StoreDot, Ola Electric will have access to the company’s XFC battery technology that charges a battery from 0 to 100 per cent in just 5 minutes, the company said.
Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charging technology in India. The company, however, did not disclose financial details.
Ola plans to set up a gigafactory for manufacturing cells in the country to meet the demand for its electric two-wheelers. It has already submitted a bid under the government’s PLI scheme for advanced chemistry cell battery storage.
“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,” Bhavish Aggarwal, founder and CEO, Ola, said.
The company’s partnership with StoreDot is of strategic importance and a first of many, he added.
Speaking on the partnership StoreDot CEO Doron Myersdorf said, “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.”
According to Doron Myersdorf, the company currently provides its customers with a clear, hype-free technology roadmap that extends far into the future of delivering 100 miles of range in just a 2-minute charge.
