Full charge in 5 min? Ola Electric partners StoreDot for fast charging cell tech
Ola Electric on Monday announced its strategic partnership with an Israeli battery technology company StoreDot, which is a pioneer in batteries with extreme fast charging (XFC) technology. Under the partnership, Ola will have access to the state of the art XFC battery technology that charges a battery from 0 to 100% in just five minutes.
The electric vehicle startup will manufacture batteries integrating StoreDot’s fast charge technology for the Indian market. “We’re investing big into future cell tech. Excited to announce a strategic partnership with StoreDot of Israel. Will be working together to soon bring to market and manufacture its pioneering extreme fast charging cell tech, capable of charging 0-100% in 5 mins in India," Ola Electric CEO Bhavish Aggarwal wrote in a Twitter post.
The investment is a part of Ola Electric's vision to ramp up its R&D in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems. The EV maker plans to set up a gigafactory for manufacturing battery cells in the country to meet the demand generated by the Ola Futurefactory where its S1 and S1 Pro electric scooters are made.
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Ola had submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell (ACC) Battery Storage and a recent PTI report stated that the company is among the ones that have qualified for sops under the PLI for batteries. The government approved the PLI scheme for ACC batteries for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) for enhancing the country's manufacturing capabilities with a budgetary outlay of ₹18,100 crore.
StoreDot has pioneered the XFC tech which can charge an EV battery in just five minutes and plans its mass production in a couple of years. The company is also working on a two-minute charge technology to be commercialised in the next 10 years. "Our partnership with StoreDot, a pioneer of extreme fast charging battery technologies, is of strategic importance and a first of many," said Aggarwal. He added that the future of EVs lies in better, faster and high energy density batteries that are capable of rapid charging.