Ola Electric makes strategic investment in StoreDot

Ola Electric has made strategic investment in an Israeli battery technology company, StoreDot, with extreme fast charging (XFC) technology.

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

The investment, according to the company, 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 and battery technologies.

Bhavish Aggarwal, founder and CEO, Ola, said: “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.” 

Dr Doron Myersdorf, CEO, StoreDot said, “Ola Electric 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.”