Ola Electric unveils Li-ion cell, to begin mass production by 2023

BENGALURU: Ola Electric on Tuesday unveiled an indigenously developed lithium-ion cell - NMC 2170 - and the company will begin the mass production of its cell from its upcoming Gigafactory by 2023.

The high nickel cylindrical Ola cell uses NMC on the cathode side; and graphite and silicon on the anode side.

The use of specific chemistry and materials enables the cell to pack more energy in a given space and also improves the overall life cycle of the cell. The cell has been developed keeping the indigenous conditions at the core.

“A cell is the heart of the EV revolution. Ola is building the world’s most advanced cell research center that will enable us to scale and innovate faster, and build the most advanced and affordable EV products in the world with speed,” Bhavish Aggarwal, Founder and CEO, Ola Electric, said in a statement.

“Our first indigenously made Li-ion cell is also the first of many in our cell technology roadmap. Having a robust local EV ecosystem is important for India to become a global EV hub,” Aggarwal added. It is committed to investing in core R&D to create indigenous advanced cell technologies, strengthen manufacturing capabilities and create an integrated Ola Electric Vehicles hub.

RBI fines Ola Financial Services over Rs 1.67 cr

The Reserve Bank of India (RBI) on Tuesday fined Ola Financial Services Private Ltd over Rs 1.67 crore for non-compliance of regulations. Announcing the penalty of Rs 1,67,80,000, the RBI said Ola Financial Services did not comply with its Know Your Customer direction. The penalty has been imposed in exercise of powers vested in the central bank under Section 30 of the Payment and Settlement Systems Act, 2007. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers,” the RBI said. According to it, Ola Financial Services was non-compliant with the directions issued by the RBI on KYC requirements.