The country’s leading manufacturer of Electric Vehicles (EV), Ola Electric on Monday said it has made a strategic investment in StoreDot. The Israeli battery technology company provides extreme fast charging (XFC) technology.

According to the company, the investment in StoreDot is part o Ola’s plan to make strategic investments to ramp up core R&D in advanced cell chemistry and manufacturing as well as other battery technologies and new energy systems.

Commenting on the development Bhavish Aggarwal, Founder and CEO, Ola, said: “The future of EVs lies in better, faster, and high energy density batteries, capable of rapid charging and delivering higher range. We are increasing our investments in core cell and battery technologies and ramping up our in-house capabilities and global talent hiring, as well as partnering with global companies doing cutting edge work in this field.”

As part of the investment in StoreDot, Ola Electric will have access to the company’s state-of-the-art XFC battery technology that charges a battery from 0 to 100% in just 5 minutes. Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India.

The company plans to set up a factory for manufacturing cells in the country to meet the demand generated by Ola Futurefactory, and has already submitted a bid under the Government’s PLI scheme for Advanced Chemistry Cell Battery Storage.

StoreDot has pioneered an extremely fast charging ‘5-Minute charge’ EV battery technology and plans mass production in a couple of years and is working on a ‘2-Minute charge’ technology to be commercialized in the next 10 years.

“We are extremely excited to be entering into this strategic partnership with Ola. Both companies are committed to delivering a zero-emissions world, breathing clean air in our cities and ensuring that EV drivers never have to worry about charging times and range anxiety,” said Doron Myersdorf, Chief Executive of StoreDot.