- Ola Electric, India's leading manufacturer of electric vehicles, makes multi-million-dollar investment in StoreDot
- Ola Electric joins StoreDot's global strategic partners, including Daimler, BP, Samsung, TDK, EVE and VinFast
- Ola Electric to manufacture cells with StoreDot's extreme fast charging technology in India
- StoreDot is on track to mass produce silicon-dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024
- '100in5' battery cells currently in real-world testing by leading automotive manufacturers
HERZELIYA, Israel, March 21, 2022 /PRNewswire/ -- StoreDot, the pioneer of extreme fast charging - XFC -technologies for electric vehicles, has secured a multi-million-dollar investment from Ola Electric, India's leading EV manufacturer with a mission to accelerate the world's transition to sustainable mobility. Ola Electric is planning to incorporate and manufacture StoreDot's fast charging battery technologies for future vehicles in India.
The new 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 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.
Headquartered in Bengaluru, India, Ola Electric is ramping up its investments in core R&D in advanced cell chemistry and manufacturing, as well as cutting edge battery technologies and new energy systems. It recently announced a $100 million investment to set up Ola Futurefoundry, its global center for advanced engineering and vehicle design, in the UK where it will work on its future range of electric vehicles including both four and two-wheelers, in collaboration with its Bengaluru center.
Dr Doron Myersdorf, StoreDot CEO "We are extremely excited to be entering into this strategic partnership with Ola. Both companies are committed to delivering a zero-emissions world, breathing clean air in our cities and ensuring that EV drivers never have to worry about charging times and range anxiety. Ola Electric's plans to bring StoreDot's extreme fast charging battery technology to India and manufacture our XFC cells for its EVs, will offer Indian consumers longer range and vastly superior charging speed performance. We continue to focus on offering our customers a clear, hype-free technology roadmap that extends far into the future while delivering 100 miles of range in just a 2-minute charge, within a decade."
Bhavish Aggarwal, Founder and CEO, Ola, 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. The future of EVs lies in better, faster and high energy density batteries, capable of rapid charging and delivering higher range. 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."
Ola is joining a wide range of high-profile investors and partners in StoreDot - a roster that now includes Daimler, VinFast, BP, Samsung, TDK, and EVE Energy. The company is also working closely with major automotive manufacturers on next-generation electric vehicles and architectures, currently conducting real-world tests with the silicon-dominant-anode advanced '100in5' cell samples. StoreDot's ground-breaking XFC cells will be available in both pouch and the 4680-family form factor - the formats increasingly favored by global car manufacturers.
About StoreDot
StoreDot is a pioneer and leader of extreme fast charging (XFC) batteries that overcome the critical barrier to mainstream EV adoption - range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, making it possible to charge an EV in just five minutes - the same time it takes to refuel a conventional combustion engine vehicle. Through its '100inX' strategic roadmap, StoreDot's battery technology is optimized for best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED). StoreDot's strategic investors and partners include VinFast, BP, Daimler, Ola Electric, Samsung, TDK and EVE Energy. In 2019, the company achieved a world first by demonstrating the live full charge of a two-wheeled EV in just five minutes. In 2020, the company demonstrated the scalability of its XFC batteries and is on target for Electric Vehicle battery production at scale by 2024. For more information see: www.store-dot.com.
About Ola
Ola is India's largest mobility platform and one of the world's largest ride-hailing companies. Ola revolutionised urban mobility by making it available on-demand for over a billion people across 3 continents. Today, Ola continues to move the world to sustainable mobility through its ride-hailing platform as well as through advanced electric vehicles manufactured at its Futurefactory, the largest, most advanced, and sustainable two-wheeler factory in the world. Ola is dedicated to transitioning the world to sustainable mobility and making the world better than we found it.
