Ola Electric Invests in StoreDot

Ola Electric, the EV arm of Ola, has made an undisclosed multi-million-dollar investment in Israel-based StoreDot, a battery technology company that is developing “extreme-fast charging” batteries for electric vehicles (EV), a press release said.

Storedot is bringing in XFC (extreme fast charging) technology which can charge EV battery in just 5-minutes. The company is planning to mass produce the same in a few years. The company is also working on a 2-minute charge technology that will be commercialized over the next 10 years.

The funding comes as part of StoreDot’s Series D investment round. It will be used for research and development and to accelerate the scaling up to mass production of its silicon-dominant anode XFC lithium-ion cells, which will be initially capable of delivering 100 miles of range in 5 minutes of charge by 2024.

With this strategic investment, Ola Electric is planning to incorporate and manufacture StoreDot’s extreme fast charging battery technologies for future vehicles in India.

StoreDot has claimed to have developed a battery for mobile phones based on organic compounds that fully charges in 30 seconds, a scooter battery based on germanium that fully charges in under five minutes, and a silicon-based electric vehicle battery that charges fast enough to add 300 miles of range in under five minutes.

However, it is to be noted that the CEO of StoreDot acknowledged in 2015 that its scientific claims have not been scientifically peer-reviewed.

Ola is planning to set up a gigafactory to manufacture battery cells in the country to meet the demand created by the Futurefactory where its S1 and S1 Pro electric scooters are made.

Ola had submitted bids for Advanced Chemistry Cell (ACC) battery storage under the government’s PLI scheme and a recent report said the company is eligible for the PLI exemption for the battery. The government approved the PLI scheme for ACC batteries to achieve 50 giga watt hour (GWh) of manufacturing capacity to augment the country’s manufacturing capabilities with a budgetary outlay of Rs 18,100 crore.





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