Launching local Li-ion batteries earlier this month, Ola Electric has recently signed a PLI (Production Linked Incentive) agreement with the Ministry of Heavy Industries (MHI) for indigenous EV battery cell manufacturing in India.
This makes Ola the only Indian EV company to be selected by the government under its Rs 80,000 crore cell PLI scheme, receiving the maximum capacity of 20GWh for its bid in March.
The breakup for the PLI scheme includes Rs 25,938 crore for Automobile and Auto components, Rs 18,100 crore for Advanced Chemistry Cell (ACC) battery storage and Rs 10,000 crore for sustainable EV-based systems.
Out of this, Ola Electric becomes the only Indian EV manufacturing company to be selected for the Rs 18,100 crore PLI scheme for Advanced Chemistry Cell (ACC) battery storage.
The EV maker has said that it will begin mass production of lithium-ion cells by 2023.
Besides this, Ola Electric CEO Bhavish Aggarwal announced through his twitter account, the company’s intention to build and manufacture more EV-related tech locally.
Ola’s upcoming Battery Innovation Center (BIC), which will be operational from August, will be the hub for the company’s R&D.