Ola Electric raises ₹3,200 crore to build battery cell manufacturing plant
- The new investment will be utilised towards building the first lithium-ion cell manufacturing facility for Ola Electric in Krishnagiri, Tamil Nadu.
Ola Electric has announced that the company has successfully raised ₹3,200 crore in a fresh round of investment from Temasek-led investors and project debt from the State Bank of India. The company says that the new investment will be utilised towards building the company’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. The company already produces its electric scooters at the massive plant in Krishnagiri.
Ola Electric’s battery cell manufacturing facility will be the first of its kind in India and aims to make battery cells more affordable for EVs. The company aims to address its own requirements with the new Gigafactory but is also open to supplying battery cells to other OEMs. Construction of the Gigafactory is underway and is expected to be operational by next year.
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Speaking about the fundraiser, Bhavish Aggarwal, Founder & CEO - Ola Electric, said, “At Ola, our vision is to end ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub. We are committed to developing core technologies in EVs and cells and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for their constant support and encouragement."
Ola Electric’s upcoming Gigafactory has been selected by the government as the only Indian EV company under the PLI scheme, receiving a maximum capacity of 20 GWh. The PLI scheme aims to boost local production, especially for EVs, in line with the government’s vision to reduce dependency on fossil fuels.
Ola Electric says the upcoming cell manufacturing facility will begin with an initial capacity of 5 GWh in Phase 1, which will be scaled up to 100 GWh at full capacity. At present, the company has three electric scooters on offer - Ola S1X, S1 Air and S1 Pro. The company has also revealed its electric motorcycle concepts - Diamondhead, Adventure, Roadster, and Cruiser - which will be launched sometime next year. Moreover, the company is also working on electric cars that will arrive in the near future.
