Ola Electric is reportedly in talks with suppliers from Korea, Germany, Japan and other countries
The battery cell manufacturing plant may cost about $1 Bn
Ola Electric will receive incentives for 20-gigawatt hours (GWh) capacity from the government’s PLI scheme
Bhavish Aggarwal-led electric mobility startup Ola Electric is in talks with multiple global suppliers to build a battery cell manufacturing plant in India with a capacity of up to 50-gigawatt (Gwh) hours, news agency PTI reported.
The plant may cost about $1 Bn (over INR 7,700 Cr). It might be built with an initial capacity of 1 Gwh, which would be expanded in the future, it quoted sources as saying.
The report also said that over 40 global suppliers are already in Bengaluru (Ola Electric’s base location) to meet with the founder and CEO Aggarwal, and will also visit the Ola Futurefactory in Krishnagiri, Tamil Nadu this week.
The startup is in talks with suppliers from Korea, Germany, Japan and other countries.
Ola Electric would need 40 Gwh of battery capacity to power 10 Mn escooters. The remainder would be used for its electric cars.
The startup has already announced its plans to manufacture electric cars in the future and had posted a picture of its concept car within days of completing its $200 Mn funding round at a valuation of $5 Bn in January 2022.
The startup, along with a few other companies, recently received incentives under the Indian government’s $2.4 Bn Production Linked Incentives (PLI) scheme which is aimed at boosting the local manufacturing of advanced chemistry cell (ACC) batteries.
Source : PTI
