Ola Electric makes Strategic Investment in StoreDot
The leading electric vehicle manufacturing company of India- Ola Electric has invested in the Israel-based battery technology company-StoreDot. StoreDot is one of the most advanced batteries companies around the globe with extremely fast charging (XFC) technology. This is Ola Electric’s first global strategic investment. Currently, the company is aiming to ramp up its core R&D in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems. Bhavish Aggarwal, Founder, and CEO of Ola after the investment said: “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. 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”. According to the deal, Ola will now have access to StoreDot's XFC battery technology. This technology charges a battery from 0 to 100 percent in just 5 minutes. In addition to this, Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.