Ola Electric has made a multi-million-dollar investment in an Israel-based battery technology company, StoreDot, which is known for its silicon-dominant anode lithium-ion batteries with extremely fast charging (XFC) technology that can juice up them from 0-100 percent in simply 5 minutes. This could potentially reduce range anxiety for good.
As part of the investment, Ola Electric will incorporate and manufacture StoreDot’s fast-charging battery technologies for future vehicles in India. However, it is worth noting that StoreDot’s XFC batteries are still in the development stage and the brand is currently conducting real-world tests on them. They are expected to go into mass production in the next couple of years.
Commenting on its strategic partnership with StoreDot, Bhavish Aggarwal, Founder and CEO of Ola Electric: “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.”
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In the related news, Ola Electric has also been selected for the PLI (Production Linked Incentive) scheme for setting up a battery manufacturing plant of up to 50 GWh in India. This will massively reduce its dependency on foreign countries and will eventually bring down the prices of its electric vehicles.