StoreDot makes batteries with extreme fast charging (XFC) technology
Electric vehicle giant Ola Electric has invested in the Israeli battery technology company StoreDot.
StoreDot makes batteries 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 just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.
“The investment in StoreDot 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 and manufacturing as well as other battery technologies and new energy systems”, the EV maker said in a statement.
Bhavish Aggarwal, founder & 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,” he said.
Doron Myersdorf, CEO, StoreDot, said, “We are extremely excited to be entering into this strategic partnership with Ola. Both the 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.”
