Ola Electric, the electric vehicle arm of ride-sharing startup Ola Cabs, on Monday, said it has invested an undisclosed amount in Israeli battery technology company StoreDot.
Ola Electric will invest in StoreDot as the first of several global strategic investments to expand its core R&D (research and development) in cell chemistry and production, as well as additional battery technologies and new energy systems, it said in a statement.
Ola Electric further said it will have access to the StoreDot XFC battery technology that charges a battery from 0 to 100% in five minutes.
Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India as part of the investment.
The company said it plans to build a gigafactory in the country to meet demand produced by Ola Futurefactory, and has already submitted a bid for Advanced Chemistry Cell Battery Storage under the Government's PLI (production linked incentive) scheme.
“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,” said Bhavish Aggarwal, Founder and CEO, Ola.
Founded by Doron Myersdorf, Gil Rosenman and Simon Litsyn, StoreDot offers ‘5-minute charge’ EV battery technology and also has plans to move to mass production in the coming years.
The company is also working on a ‘2-minute charge’ technology to be commercialised in the next 10 years.
The company was valued at $1.5 billion during its Series D funding round in January 2021. It counts British Petroleum, Veligera Capital and Vinfast, among others, as its backers.
“Ola Electric’s plans to bring StoreDot’s extreme fast-charging battery technology to India and manufacture for its range of EVs will offer Indian consumers vastly superior range and charging speed performance.
We are also offering our customers a clear, hype-free technology roadmap that will extend far into the future of delivering 100 miles of range in just a 2-minute charge, within a decade,” said Doron Myersdorf, CEO, StoreDot.
In September, Ola Electric raised over $200 million in a round led by Falcon Edge, SoftBank and others, pushing its valuation to $3 billion.
Ola Electric also had announced that it will invest over $100 million to set up a global center for advanced engineering and automotive design in the United Kingdom.
On March 17 Reuters reported, Reliance Industries and Ola Electric are set to receive incentives under India's $2.4 billion programme to boost local battery cell production after winning a tender.
The winning bidders also include Hyundai Global Motors Company and Indian jewellery maker Rajesh Exports, the report noted.