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StoreDot, a developer of super-fast charging technologies for electric vehicles (EVs), has secured a multi-million dollar investment from Ola Electric, India’s leading EV manufacturer. Ola Electric plans to integrate and manufacture StoreDot’s fast-charging battery technologies for future vehicles in India.
The new funding 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 its silicon-dominant anode XFC lithium-ion cells, which will initially be capable of delivering 100 miles of range in 5 minutes. load by 2024.
Ola joins a wide range of leading investors and partners in StoreDot – which now includes Daimler, VinFast, BP, Samsung, TDK and EVE Energy.
Based in Bengaluru, India, Ola Electric is stepping up investment in basic R&D in advanced cell chemistry and manufacturing, as well as battery technologies and new energy systems.
Dr. Doron Myersdorf, CEO of StoreDot, said, “We are extremely pleased to enter into this strategic partnership with Ola. Both companies are committed to delivering a zero-emissions world, breathing clean air in our cities, and ensuring electric vehicle drivers never have to worry about charging times and battery life. range anxiety. Ola Electric plans to bring StoreDot’s extremely fast-charging battery technology to India and manufacture our The XFC cells for its electric vehicles will provide Indian consumers with longer range and vastly superior charging speed performance. We continue to focus on providing our customers with a clear, hype-free technology roadmap that stretches far into the future while delivering 100 miles of range on just 2 minutes of charging, in a decade .
Bhavish Aggarwal, Founder and CEO of Ola, adds, “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 that can recharge quickly and provide longer range. We are increasing our investments in core cell and battery technologies and increasing our internal capabilities and hiring of global talent, as well as partnerships with global companies doing cutting-edge work in this area. Our partnership with StoreDot, a pioneer in super-fast charging battery technologies, is strategically important and the first of many.”
In 2020, Israel StoreDot has demonstrated the scalability of its XFC batteries and is on track for large-scale electric vehicle battery production by 2024.