Ola Electric, an electric mobility company that makes the Ola S1 scooter and is working on an electric car, has invested in an Israeli battery technology company called StoreDot.
StoreDot Battery Tech
This battery technology will be available in 2024, and StoreDot claims that it has achieved such quick charge times by substituting the typical Li-ion graphite anode with silicon nanoparticles made using patented small-molecule organic chemicals. With its investment, Ola Electric will receive access to this tech and would also have the rights to manufacture the batteries in India.
Ola Electric has announced the development of an electric vehicle. The EV firm just received USD 200 million in finance and intends to establish an R&D and design centre in the United Kingdom. In addition, the business is constructing a gigafactory to create batteries for its scooters and the forthcoming electric automobile, and it has submitted a bid for Advanced Chemistry Cell Battery Storage under the Government’s PLI plan. According to the corporation, this is the first of many similar investments that would strengthen the firm’s technological capabilities.
Bhavish Aggarwal, Founder and CEO, Ola, said: “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 is of strategic importance and a first of many”.
Ola Electric will have access to StoreDot’s XFC battery technology as part of the deal, which claims to charge a battery from 0 to 100 percent in 5 minutes.
Ola will also get exclusive rights in India to manufacture batteries that use StoreDot’s quick charge technology. According to Ola, the investment in StoreDot is the first of several global strategic investments planned by the company to build up its core R&D in advanced cell chemistry and production, as well as additional battery technologies and innovative energy systems.
Ola Electric has announced the development of an electric vehicle. The EV firm just received USD 200 million in finance and intends to establish an R&D and design centre in the United Kingdom. In addition, the business is constructing a gigafactory to create batteries for its scooters and the forthcoming electric automobile, and it has submitted a bid for Advanced Chemistry Cell Battery Storage under the Government’s PLI plan. According to the corporation, this is the first of many similar investments that would strengthen the firm’s technological capabilities.
Ola is not the only firm spending extensively in expanding the charging infrastructure, since electric car sales in India are likely to skyrocket in the coming years.
