Thu. Mar 28th, 2024
Former LG Chem Power CEO Prabhakar Patil Joins Ola Electric Board

Ola Electric has appointed the former CEO of LG Chem Power Prabhakar Patil to the board as the company is undergoing a preparatory phase to build indigenously designed cell technology and manufacture Li-ion cells in India at tremendous volume, Ola group CEO Bhavish Aggarwal said on Wednesday. 

Aggarwal, in a blog post, said that the company is focusing on core research and development “to create indigenous advanced cell technologies as well as invest in large-scale manufacturing of batteries.”

“We will set up a cutting edge cell manufacturing facility with up to 50GWh capacity right here in India. Dr Prabhakar’s expertise will help the company accelerate this process of bringing indigenously designed and manufactured cells to the market” Aggarwal said.

The government announced on January 15 that Ola Electric was one of the top ten businesses that filed bids under the Rs 18,100-crore production linked incentive (PLI) plan for Advanced Chemistry Cell (ACC) battery storage.

The government has introduced several initiatives to promote electric vehicles as it aims to reduce carbon emissions and slash its fuel bill.

Batteries account for 40% of the total cost of a vehicle. That’s why EV makers are looking for better solutions to bring down battery costs. 

Also Read: Ola Futurefactory will be run ENTIRELY by women, 10,000+ at full scale: CEO Bhavesh Aggarwal

Aggarwal also said the company is searching for opportunities to enter into strategic investments in global firms concentrated on advancing cell chemistry research and other battery technologies, including charging at faster rates. With this, the electric-vehicle maker can provide higher density and higher battery performance for its forthcoming two and four-wheelers, he said.

“I look forward to working closely with Dr Prabhakar as we deepen our focus and investments into advanced cell research as well as large-scale manufacturing to build the best battery technologies right here in India and create a global EV hub with our Futurefactory at its centre,” he said.

Separately, in a tweet Aggarwal welcomed Dr Prabhakar, “We’re working hard to build our own indigenous cell tech and manufacture Li-ion cells in India at scale. Thrilled to welcome Dr Prabhakar to the @olaelectric board. Look forward to working with him & making India a global hub for cell R&D & manufacturing!”

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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