Ola Electric to invest $100 million in gigafactory
Ola Electric plans to invest $100 million (about Rs 834 crore) in the first phase of building its gigafactory for producing lithium-ion battery cells, founder Bhavish Aggarwal said on Saturday. He added that Ola’s electric scooters will feature the locally-produced battery cells as early as next year.
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The investment will be used for ‘phase 1A’ of the Gigafactory for setting up 1.5 GWh (gigawatt hour) of cell manufacturing capacity. Aggarwal said the aim is to expand capacity to 5 GWh in ‘phase 1B’. Ola Electric recently received certification from the Bureau of Indian Standards (BIS) for the battery cells, he said.
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Ola Electric is developing a 4680 form of battery cells, which is more energy-dense and advanced than the 2170 form of battery cells it currently sources for its electric scooters, according to Aggarwal.
He said the company will likely supply cells to third party firms like other
