Get All Access for $5/mo

Ola Electric Invests $500 Million To Set Up Battery Innovation Centre As per company statement, it will be one of the most advanced cell R&D facilities with more than 165 unique and cutting-edge lab equipment to cover all aspects of cell-related research and development

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Ola Electric, electric vehicles manufacturing company, said it will invest $500 million to set up a Battery Innovation Centre and promoting indigenous cell research and development in India. The company plans to set up a state-of the-art Battery Innovation Centre (BIC) in Bengaluru. As per Ola Electric statement, it will be one of the most advanced cell R&D facilities with more than 165 unique and cutting-edge lab equipment to cover all aspects of cell-related research and development.

"Electric mobility is a high growth sector which is R&D intensive. Ola's Battery Innovation Centre in Bangalore will be the cornerstone for core cell tech development and battery innovation out of India for the world. BIC will house advanced labs and high-tech equipment for battery innovation and will power India's journey towards becoming a global EV hub," said Bhavish Aggarwal, founder and CEO, Ola Electric, in a statement.

He also added that, "BIC will have the wherewithal to develop complete packages of battery pack design, fabrication and testing under one roof. It will also be equipped with an integrated facility for hand-in-hand nanoscale analysis to develop new battery material."

According to Kotak Institutional Equities report, taking the Ola fire incidents into consideration, Ola will begin mass production of its cell from its upcoming gigafactory by 2023. It expects the current cell cost of $150 per kilowatt hour to reduce to $100 per kWh as it moves this in-house from its current vendor, LG Chem. The company expects this move to lead to a 10 to 20 per cent reduction in the total cost and an 8.5 per cent improvement at the earnings before interest, tax, depreciation and amortization level.

As per recent reports, Ola Electric had unveiled its indigenously manufactured lithium-ion cell, NMC 2170. According to company statement, the use of specific chemistry and materials enable the cell to pack more energy in a given space and also improves the overall life cycle of the cell. It has been developed keeping the indigenous conditions at the core.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.