Ola Electricinvested in an Israeli battery technology company StoreDot.
- The company said it was the first of several global strategic investments it planned to make.
WhoaElectric was created in 2017 to run electric taxis on Ola, a taxi company competing with Uber.
Ola Electric – the electric vehicle (EV) arm of ANI Technologies – announced on Monday that it has invested in Israeli battery technology company StoreDot, a company that manufactures super fast charging (XFC) technology for emobility.
The company said it was the first of several global strategic investments it planned to make. This will be part of Ola Electric’s plan to accelerate its core research and development (R&D) in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems.
As part of the agreement, Ola Electric will have access to StoreDot’s advanced XFC battery technology that charges a battery from 0-100% in just 5 minutes. The Indian company – valued at $5 billion in January – will have exclusive rights to manufacture batteries incorporating StoreDot’s fast charging technology in India.
The company also plans to set up a gigafactory to manufacture cells and meet the demand generated by Ola Future Factory. The company says it has already submitted a bid under the Indian government’s Production Linked Incentives (PLI) scheme for storage of advanced chemical cell batteries.
We are investing heavily in future cellular technology. Delighted to announce a strategic partnership with StoreDot from Israel. Will work together to soon bring to market and manufacture its pioneering extremely fast charging cell technology, capable of charging from 0-100% in 5 minutes in India. (1/2)
— Bhavish Aggarwal (@bhash) March 21, 2022
“The future of electric vehicles lies in better, faster, high-energy-density batteries that can recharge quickly and provide greater range. We are increasing our investments in core cell technologies and batteries and are increasing our internal capabilities and hiring of global talent, as well as partnering with global companies doing cutting-edge work in this area,” Bhavish Aggarwal, Founder and CEO of Ola, said. Ola Electric was established in 2017 to operate electric taxis on Ola, a rival taxi company to Uber, however the company decided to shift into electric vehicle (EV) manufacturing and set up the largest factory in electric two-wheelers in the world in Tamil Nadu Said factory is run entirely by women.
The company is currently developing its electric scooter, which rivals Ather 450X, TVS iQube and the new Bajaj Chetak. It has raised more than $800 million to date, according to business intelligence platform Crunchbase. The company has Tiger Global, SoftBank, Matrix and others.
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