Ola Electric files 205 patents in 2022-23; focusing on battery tech, EV software
- The company's dedication to research and development (R&D) and technology is apparent in its strategic IPO plans, with a goal of raising ₹5,500 crore.
In a notable display of innovation, Ola Electric has taken the lead in patent filings within the Indian electric vehicle (EV) and related technologies sector. The company filed for 205 patents during 2022-23. With this, the EV maker took pole positions, ahead of key competitors in India's EV market, including TVS, Suzuki, Honda, and BYD, according to data from Intellectual Property India.
The 205 patents published by Ola Electric cover various aspects of electric vehicle technology. A significant emphasis remained on domains like battery technology, EV software, vehicle safety and security, motor and transmission, and additional innovations in vehicle body components, AI, and related technologies. Ola Electric's R&D efforts span multiple locations, including India, the UK, and the US. The company has been primarily focusing on the design and development of new EV products and core components such as battery packs, motors, and vehicle frames.
Ola's range of patent: Vehicle to technology
The company has reportedly filed a patent application for a new electric vehicle designed primarily for last-mile delivery services and some commercial activities. The design features a simple-looking electric two-wheeler built around a barebone chassis, with ample space on the floorboard and provisions for installing a pillion seat or luggage-carrying accessory.
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Ola filed patents across the world
Beyond India, Ola Electric has filed patents globally, with 10 registered patents in the US, the UK, China, and the Netherlands. Additionally, the company has 37 patent applications pending in the US, Japan, the UK, Australia, and the European Patent Office through the Patent Cooperation Treaty, highlighting its commitment to innovation on a global scale.
Ola Electric claims to have invested more than ₹725 crore in R&D over the past three years, with an additional infusion of over ₹93 crore in the first quarter of FY24, as outlined in its IPO draft papers. The company claims to be strategically focusing on technology underscoring its position as a key player in the evolving landscape of electric mobility.
Ola Electric has strategic plans for its IPO, aiming to raise ₹5,500 crore. Of this capital, ₹1,600 crore will be allocated for research and development activities, as highlighted in its draft offer document filed with the Securities and Exchange Board of India (Sebi). The document emphasizes that R&D and technology are integral to Ola Electric's business model, with a strong emphasis on in-house product innovation.