Ola Electric invests in Israeli battery technology firm StoreDot

Electric vehicles are the future of transportation. This is a fact we all are realizing really fast. Every day, new and old companies alike are making new deals and announcing things related to EV development. The latest company to do so is Ola Electric. They have signed a big deal. To whom you ask? The answer lies ahead with all the details of the deal and some related stuff.

Let’s get started then with the details of the deal.

The deal

Before jumping into the deal, here is quick info on Ola Electric. Ola Electric is an Indian electric two-wheeler manufacturer. The company was founded by Bhavish Aggarwal in 2017.

Coming to the deal, Ola Electric made a deal with StoreDot which is an Israeli battery technology firm.

Under the deal, Ola Electric will be able to have access to the Israeli firm’s state-of-the-art XFC battery technology.

This technology is said to recharge the batteries used in EVs in just 5 minutes. This tech is revolutionary and thus Ola Electric is also going to establish a Gigafactory in India to exclusively manufacture XFC batteries for their two-wheelers.

The deal is a big deal indeed but for the time being neither Ola Electric nor StoreDot have said anything about the monetary worth of the deal. They have though spoken a great deal about the deal. Take a look at what they had to say.

Remarks by Ola Electric and StoreDot

First, the CEO of Ola Electric, Bhavish Aggarwal has said that they are very proud to have been able to make the deal with StoreDot.

He said that the deal will help them to achieve a green ecosystem faster. The reason being is that they will be able to accelerate the production and development of new and better EVs with the technology from StoreDot.

Furthermore, the StoreDot CEO, Doron Myersdorf has also said that they are very excited about the deal with Ola Electric.

He said that the goals of both the companies were alike. He further added that the deal will benefit people in India a lot as under the collaboration, better, fast charging and long-range EVs will become available in the country.

Well, to keep you amazed and excited, we have gathered an extra bit of information. Read on to find out what is it.

Extra info

The extra information is about the 5-minute charging technology. The tech is superfast as it uses silicon-dominant anodes for the battery as opposed to the typical lithium-ion anode battery combination. Along with this, it has been reported that StoreDot is currently working on a 2-minute charging solution. The company aims to commercialize the tech in the coming 10 years. The ultimate aim of StoreDot is to bring down the charging times of EVs as much as possible without compromising on the range of the EVs.

If companies like StoreDot and Ola Electric continue their great work with the same energy and enthusiasm. And then very soon we will be able to completely switch to EVs, making the planet much greener.

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