Stock in Focus: Ola Electric has refuted reports which claimed that the company got battery technology from a former employee of LG Energy Solution. The Bhavish Aggarwal-owned company said that these reports are misleading and have come at a time when Ola is competing with big companies in the battery manufacturing market.
Ola Electric’s clear denial
Ola Electric said in a statement that it is neither working on pouch cell technology nor has any interest in it. The company said that its 4680 Bharat Cell is based on cylindrical form factor and advanced dry electrode technology.
Ola has just started commercial production of 4680 Bharat Cell. The company claims that this is India’s first large-format cylindrical battery cell.
investigation in south korea
According to reports, South Korea’s National Intelligence Service, Seoul Police and LG Energy Solution are investigating a former LG researcher. He is accused of sending information related to the manufacturing of pouch-type ternary lithium-ion batteries to Ola.
The researcher admitted to sharing the data, but said he did not know the information was confidential.
Technical capability of Ola
Ola said that its Battery Innovation Center (BIC) in Bengaluru works with more than 250 experts. The company has so far filed 720 patents and 124 patents have been approved.
Ola has invested Rs 2,500 crore to build India’s first operational Gigafactory. According to the company, this investment is important towards strengthening India’s EV and battery cell ecosystem.
Shares of Ola Electric
Shares of Ola Electric closed at Rs 46.30 on Friday, down 2.67%. The stock has lost 6.84% in the last 1 month. At the same time, it has fallen by 37.71% in 1 year. Ola Electric’s shares have fallen by nearly 50% since its listing.
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