StoreDot, the pioneer of ultra-fast charging batteries, announces strategic partnership with Ola Electric

  • Ola Electric, India’s leading electric vehicle manufacturer, is investing millions of dollars in StoreDot
  • Ola Electric joins StoreDot’s global strategic partners including Daimler, BP, Samsung, TDK, EVE and VinFast
  • Ola Electric wants to manufacture cells with StoreDot’s ultra-fast charging technology in India
  • StoreDot is on track to mass produce silicon-dominated lithium-ion cells with a range of 100 miles in a five-minute charge by 2024
  • “100in5” battery cells that are currently being tested in practice by leading car manufacturers

StoreDot, the pioneer of ultra-fast charging XFC technologies for electric vehicles, has secured a multi-million dollar investment from Ola Electric, India’s leading EV manufacturer, with the goal of accelerating the global transition to sustainable mobility. Ola Electric plans to integrate and manufacture StoreDot’s fast charge 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 R&D and to accelerate the scale-up to mass production of XFC lithium-ion cells with silicon-dominated anodes, which will initially be able to deliver a range of 100 miles on a 5-minute charge by 2024 .

Headquartered in Bengaluru, India, Ola Electric is increasing its investments in core R&D in advanced cell chemistry and manufacturing, as well as in advanced battery technologies and new energy systems. The company recently announced a US$100 million investment to establish Ola Futurefoundry, its global center for advanced engineering and vehicle design, in the UK, where it will work in collaboration with its Bengaluru on its future range of electric vehicles, including both four-wheel and two-wheel center.

dr Doron Myersdorf (pictured), CEO of StoreDot “We are very pleased to enter into this strategic partnership with Ola. Both companies are committed to creating a zero-emissions world, breathing clean air in our cities, and ensuring EV drivers never have to worry about charging times and range anxiety. Ola Electric’s plans to bring StoreDot’s ultra-fast charging battery technology to India and manufacture our XFC cells for its electric vehicles will offer Indian consumers longer range and far superior charging speed performance. We remain focused on providing our customers with a clear, hype-free technology roadmap that stretches far into the future while delivering 100 miles in just 2 minutes range within a decade.”

Bhavish Aggarwal, Founder and CEO, Ola, said: “We are committed to Mission Electric and in order to accelerate the global electric mobility transition, our goal is to build a complete electric vehicle ecosystem here in India. The future of electric vehicles lies in better, faster, high-energy-density batteries that can be charged quickly and offer longer ranges. We are increasing our investments in core cell and battery technologies and expanding our in-house capacity and hiring of global talent, and partnering with global companies that are at the forefront of this space. Our partnership with StoreDot, a pioneer in ultra-fast charging battery technology, is strategic and a first of many.”

Ola joins a broad array of high-profile investors and partners at StoreDot – a list that now includes Daimler, VinFast, BP, Samsung, TDK and EVE Energy. The company is also working closely with major automakers on next-generation electric vehicles and architectures, and is currently conducting real-world testing of the advanced 100-in-5 silicon-dominant anode cell patterns. StoreDot’s groundbreaking XFC cells will be available in both pouch and 4680 family form factors – the formats increasingly favored by global automakers. StoreDot, the pioneer of ultra-fast charging batteries, announces strategic partnership with Ola Electric

Fry Electronics Team

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