Ola Electric Invests in Israeli Fast Charging Company StoreDot

Ola Electric has invested in an Israeli battery technology company StoreDot, a pioneer in batteries with extreme fast charging (XFC) technology.

ArrayThe investment in StoreDot is the first of several global strategic investments planned by Ola Electric as it looks to ramp up its core R&D in advanced cell chemistry & manufacturing as well as other battery technologies and new energy systems.

As part of the investment in StoreDot, Ola Electric will have access to the company’s state of the art XFC battery technology that charges a battery from 0 to 100% in just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.

The company plans to set up a gigafactory for manufacturing cells in the country to meet the demand generated by Ola Futurefactory, the world’s largest 2W factory, and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage.

StoreDot has pioneered an extreme fast charging ‘5-Minute charge’ EV battery technology and plans mass production in a couple of years and is working on a ‘2-Minute charge’ technology to be commercialised in the next 10 years. Its silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, and reduces EV charging times from hours to just 5 minutes.