On Thursday, October 26, Ola Electric announced that they have secured the funding of 3200 INR-Crore from Temasek-led investors and the State Bank of India. This investment will be used for the setting up of India’s first lithium-ion cell manufacturing facility in Tamil Nadu as well as for the expansion of Ola’s EV business.
The Lithium-ion facility will be based in Krishnagiri, Tamil Nadu and will contribute towards India’s journey of becoming a global EV hub. The EV manufacturing company aims to end the International Combustion Engine (ICE) age in automobiles with the construction of this facility.
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Ola Electric has been awarded the capacity of 20 Gwh under the government’s ambitious cell PLI program. The company aims to accelerate its growth by increasing its two-wheeler manufacturing capacity, launching electric motorcycles; along with electric cars and fast-tracking the construction of its gigafactory.
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