Indian e-scooter company invests in Israeli fast-charging battery startup

Israeli fast-charging battery technology company StoreDot last week received an investment from Ola Electric, an Indian scooter maker, which is actively seeking to accelerate its core R&D in advanced cell chemistry and production as well as… other battery technologies and new energy systems.

Prior to Ola Electric, StoreDot’s strategic investors include automaker VinFast, Mercedes-Benz automaker Daimler, electronics multinational TDK, prominent venture capital firm Samsung Ventures, and even the giant’s venture capital fund. oil and gas BP.

Founded in 2012, StoreDot pioneered the development of Extremely Fast Charging (XFC) batteries to ease the constraints of mainstream electric vehicle adoption, which was first successfully demonstrated in 2019. They are on on track for large-scale production by 2024, but are simultaneously developing a 2-minute charging technology to be commercialized over the next decade.

StoreDot will grant Ola Electric access to its state-of-the-art XFC battery technology, capable of charging a battery from 0 to 100% in five minutes, and will provide Ola Electric with exclusive rights to manufacture and market infused batteries with StoreDot. technology in India.

Ola Electric will also erect a gigafactory for cell manufacturing in India to meet the demand generated by its “Futurefactory”, the largest and most advanced electric two-wheeler factory in the world.

“We are committed to Mission Electric and to accelerate the global transition to electric mobility, our ambition is to build a comprehensive ecosystem for electric vehicles here in India. The future of electric vehicles lies in better, faster, high-energy-density batteries capable of fast charging and longer range,” said Bhavish Aggarwal, Founder and CEO of Ola .

“We are extremely excited to enter into this strategic partnership with Ola,” said Dr. Doron Myersdorf, CEO of StoreDot. “We are both committed to delivering a zero-emissions world, to breathing clean air in our cities, and to ensuring that EV drivers never have to worry about charging times and battery life. range anxiety.

Laura J. Boyer