StoreDot, a nanotechnology and fast-charging energy storage technology developer using a new generation of lithium-ion batteries, secured investment from Ola Electric, an Indian electric two-wheeler manufacturer.
Ola Electric plans to incorporate and manufacture StoreDot’s fast-charging battery technologies for future vehicles in India.
The new funding comes as part of StoreDot’s Series D investment round. The company plans to use the fresh funds for research and development and to accelerate mass production of 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.
“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 a 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,” said Dr. Doron Myersdorf, StoreDot CEO.
Ola is joining a wide range of prominent investors and partners in StoreDot – a roster now includes Daimler, VinFast, BP, Samsung, TDK, and EVE Energy.
Bhavish Aggarwal, Founder, and CEO at Ola said: “We are committed to Mission Electric, and to accelerate the world’s transition to electric mobility, our ambition is to build a complete ecosystem for EVs here in India. 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, ramping up our in-house capabilities and global talent-hiring, and partnering with global companies doing cutting-edge work in this field. Our partnership with StoreDot, a pioneer of extreme fast-charging battery technologies, is of strategic importance and a first of many.”
The company is also working closely with major automotive manufacturers on next-generation electric vehicles and architectures, currently conducting real-world tests with the silicon-dominant-anode advanced ‘100in5’ cell samples.
In May 2018, StoreDot received a $20 million strategic investment from BP.
According to Mercom Capital Group’s 2021 Q4 and Annual Funding and M&A report for Storage, Grid & Efficiency, total corporate funding in the battery storage sector was up 159%, with $17 billion in 101 deals in 2021. Funding raised in 2021 was the highest since 2014, and the deal count nearly doubled compared to 2020.