Storedot, the extreme fast charging battery pioneer, announces strategic partnership with Ola Electric

StoreDot, the pioneer of extreme fast charging XFC technologies for electric vehicles, has secured a multi-million-dollar investment from Ola Electric, India’s leading EV manufacturer with a mission to accelerate the world’s transition to sustainable mobility. Ola Electric is planning to incorporate and manufacture StoreDot’s fast charging 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 research and development and to accelerate thescaling up to mass production its silicon-dominant anode XFC lithium-ion cells, which will be initially capable of delivering 100 miles of range in 5 minutes of charge by 2024.

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

Dr Doron Myersdorf, StoreDot CEO: “We are extremely excited to be
entering into this strategic partnership with Ola. Both 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. Ola Electric’s plans to bring
StoreDot’s extreme fast charging battery technology to India and
manufacture our XFC cells for its EVs, will offer Indian consumers
longer range and vastly superior charging speed performance. We continue to focus on offering our customers a clear, hype-free technology roadmap that extends far into the future while delivering 100 miles of range in just a 2-minute charge, within a decade.

Bhavish Aggarwal, Founder and 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. Our partnership with StoreDot, a pioneer of extreme fast charging
battery technologies, is of strategic importance and a first of many”.

Ola is joining a wide range of high-profile investors and partners in
StoreDot – a roster that now includes Daimler, VinFast, BP, Samsung,
TDK, and EVE Energy. The company is also working closely with major
automotive manufacturers on next-generation electric vehicles and
architectures, currently conducting real-world tests with the
silicon-dominant-anode advanced ‘100in5’ cell samples. StoreDot’s
ground-breaking XFC cells will be available in both pouch and the
4680-family form factor – the formats increasingly favored by global
car manufacturers.

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