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Ola Cell Tech zeroes in on suppliers for batteries, to invest ₹2,249 crore
Business Standard
|June 08, 2024
Ola Cell Technologies Pvt Ltd has identified key raw material suppliers for the short as well as the long term for making its lithium ion cell batteries.
Its key raw material suppliers include Umicore, Epsilon Advanced Materials, and Neogen.
Based on preliminary validation, 28 key suppliers were identified for engaging on commercial offtake contracts out of 201 initially identified.
These have been based on a few criteria -technical capability and openness to collaboration, interest in supplying to Ola as a preferred supplier and interest in localising, among others.
As many as 15 suppliers have shown an interest in localising operations within the PLI timeline.
The cell company is investing ₹2,249 crore in the first phase of its lithium ion battery cell factory to hit a capacity of 5 Gwh.
This is expected to be operational by October. Construction is on for both the phases. It is targeting a capacity 20 Gwh through the two phases.
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