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Indian EV maker Ola Electric makes multi-million-dollar investment in StoreDot

Israel-based StoreDot, the developer of extreme fast charging (XFC) technologies for electric vehicles, has secured a multi-million-dollar investment from Ola Electric, India’s leading EV manufacturer. Ola Electric is planning to incorporate and manufacture StoreDot’s fast charging battery technologies for future vehicles in India.

Ola Electric joins StoreDot’s global strategic partners, including Daimler, BP, Samsung, TDK, EVE and VinFast. (Earlier post.)

The new funding comes as part of StoreDot’s Series D investment round. It will be used for research and development and to accelerate the scaling 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 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.

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.

—Dr Doron Myersdorf, StoreDot CEO

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