StoreDot announced a strategic partnership with Ola Electric
StoreDot, a company specializing in Extreme Fast Charging (XFC), has received an investment from Ola Electric, India’s leading electric vehicle manufacturer with a mission to accelerate the world’s transition to sustainable mobility.
Ola Electric plans to adopt the company’s StoreDot technology and produce fast battery charging stations for future cars in India.
The new financing is part of StoreDot’s Series D investment round. It will be used for research and development and to accelerate scale-up to mass production of XFC lithium-ion cells with a silicon anode, which will initially be capable of delivering 100 miles of range in five minutes of charging by 2024.
Ola Electric, headquartered in Bengaluru, India, is ramping up investments in core research and development in advanced chemistry and cell manufacturing, as well as advanced battery technology and new energy systems.The company recently announced a $100 million investment in Ola Futurefoundry, its global center for advanced vehicle development and design, in the United Kingdom, where it will work with the Bengaluru center on a future range of electric vehicles, including
Doron Meyersdorf CEO & Founder StoreDot
“We are very excited to enter into this strategic partnership with Ola,” said Dr. Doron Meyersdorf, CEO of StoreDot. Both companies are committed to creating a zero-emissions world, breathing clean air into our cities and ensuring that EV drivers never have to worry about charging times or worry about driving distances.” Ola Electric’s plans to introduce StoreDot’s extremely fast battery charging technology in India and produce our XFC cells for its electric vehicles will allow Indian consumers to increase their driving range and significantly improve charging speeds. We continue to focus on offering our customers a clear, hype-free technology roadmap that extends far into the future, delivering 100 miles of travel in just 2 minutes of charging within a decade.”
Bhavish Aggarwal, founder and CEO of Ola, added that Ola is committed to Mission Electric and accelerating the world’s transition to electric vehicles, and that its ambition is to create a complete ecosystem for EVs in India.
“The future of electric vehicles is in better, faster and higher-density batteries that can charge quickly and provide longer range,” said Mr. Aggarwal. “We are increasing our investment in core cell and battery technology, building our internal capabilities and hiring talent around the world, and partnering with global companies doing cutting-edge work in this area. Our partnership with StoreDot, a pioneer in extreme fast battery charging technology, is strategic and the first of many.”
Bhavish Aggarwal, Founder and CEO
Ola joins a wide range of high-profile StoreDot investors and partners that include Daimler, VinFast, BP, Samsung, TDK and EVE Energy. The company is also working closely with major automakers to develop next-generation electric vehicles and architectures, currently conducting real-world tests of sample “100in5” cells with a silicon-dominant anode. StoreDot’s XFC cells will be available in both packaged and 4680-family form factors, formats that are increasingly favored by global automakers.