Ola Electric raises Rs 3,200 crore from Temasek, SBI to scale up battery cell manufacturing at gigafactory.
Ola Electric announced the closure of Rs 3,200 crore of funding as a part of its equity and debt round raised from Temasek-led investors and project debt from State Bank of India, respectively. The funds raised would be utilised towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Bhavish Aggarwal, founder and CEO of Ola Electric, said:
At Ola, our vision is to end the ICE age in automobiles and our upcoming Gigafactory will be a big leap in India’s journey towards becoming a global EV hub.
“We are committed towards developing core technologies in EVs and cell and are rapidly scaling up manufacturing to further accelerate the transition to sustainable mobility. Our investors and lenders have shown deep faith in Ola’s vision, and we thank them for the constant support and encouragement,” he added.
Ola Electric was also selected by the government under its cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localizing the most critical aspects of the EV value chain, the EV company said in a release.
It is worth noting that Ola is setting up a lithium-ion cell manufacturing facility near Ola’s Future factory in Krishnagiri, Tamil Nadu. This is a first of its kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I, which will be further scaled up in phases to 100 GWh at full capacity.
The company further detailed plans about its Krishnagiri factory in its release. “Anticipated to be operational by early next year, the upcoming Gigafactory in Krishnagiri would be equipped to manufacture cells indigenously at scale, leading India a step closer towards energy independence,” they added.
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Ola Electric raises Rs 3,200 crore from Temasek, SBI to scale up cell manufacturing at gigafactory October 26, 2023
