Ola Invests In Fast Charging Battery Startup StoreDot

Ola Electric acquired Netherlands-based Etergo EV company to introduce the Ola S1/S1 Pro in India, which are essentially based on Etergo’s Appscooter. Now, there are reports that Ola Electric has invested in an Israeli startup, StoreDot, that specialises in battery technology. Innovations in battery tech are the need of the hour, and StoreDot is said to be working on a silicon-based anode battery that can go from 0 to 100 percent in just five minutes. Even the best smartphone fast chargers fail to charge a device in under five minutes. If the claims hold true, this would put Ola Electric way ahead of the competition. 

Acquiring StoreDot will allow Ola to access its fast-charging tech. Ola Electric will also gain exclusive rights to produce batteries in India. The company is yet to announce the exact amount it has invested in the Dutch company. 

StoreDot’s Battery Technology

Where conventional lithium-ion batteries utilise the graphite-based anode, StoreDot’s XFC batteries will use a silicon-based anode. These XFC batteries will come with an energy density of 300Wh/kg, which is more than the 250Wh/kg energy density of conventional lithium-ion batteries out there. 

StoreDot was founded in Israel back in 2012 and had earlier claimed to have developed mobile phone battery technology capable of charging a device in just 30 seconds. However, these batteries and the charging tech is yet to see the light of day. Similarly, the XFC batteries for EVs are still in the development phase. StoreDot previewed the prototype batteries in 2021, which were shod with germanium based anodes instead of silicon. It is now finding ways to replace the germanium anodes with silicon anodes, which is considered a daunting task. The brand is optimistic about introducing these batteries in the market in 2024.  

Ola Electric isn’t the only company that has invested in StoreDot. The elite list includes companies such as Daimler, BP (British Petroleum), Samsung, and TDK. It remains to be seen if the company lives up to the expectations. If it manages to pull it off, it will be a big relief as the current charging technology takes around 6 hours 30 minutes to charge an Ola S1 Pro electric scooter fully. Also, this would reduce the waiting time at Ola charging stations.