Ola Electric has invested in StoreDot, an extreme-fast charging EV battery developer based in Israel and has planned to set up a cell gigafab in India. With the investment, Ola Electric will gain access to StoreDot’s battery technology that is said to charge a battery from 0 to 100 per cent in roughly five minutes. The partnership also gives Ola exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.
The strategic investment by Ola in StoreDot is part of its several global strategic investments which shall be undertaken to advance Ola’s core R&D activities pertaining to advanced chemistry cells, manufacturing, battery technologies and other energy systems. Given the immense demand generated by it’s electric-two wheelers manufacturing hub, Ola Futurefactory, the company aims to set up a cell Gigafactory in India. Bids for the same have been submitted under the PLI scheme for Advanced Chemistry Cells.
While StoreDot has planned mass production of its 5-minute charge EV battery technology, it is also aiming to commercialize an EV charging technology which takes 2 minutes to charge, in the next ten years. StoreDot’s batteries are based on silicon-dominant anode technology which is proving to be more efficient than the conventional lithium-ion batteries.