Bhavish Aggarwal's Ola Electric breaks silence on allegations of stealing LG's battery tech: 'Fear of losing...'

Ola vs LG: Bhavish Aggarwal's Ola Electric has refuted reports of stealing technology from South Korea's LG Energy Solution, saying that the fear of losing market opportunities prompted the foreign rival to attack its indigenous battery innovation of 4680 Bharat Cell. 

Reports on Ola Electric battery

Reports from South Korea alleged that an unnamed former LG Energy Solution executive attempted to pass on pouch cell technology IPs to Ola Electric, PTI reported. An LG Energy Solution official was also quoted as confirming that the company had identified the situation early and alerted the country's authorities immediately.

Ola Electric denies LG Energy Tech leak claims

The EV maker Ola Electric termed the report as 'misleading and completely baseless', saying, "The old and dated pouch cell technology, which the report claims was leaked, is not even an area of research or commercial interest for Ola Electric. Our 4680 Bharat Cell is based on the most advanced dry electrode technology in a cylindrical form factor and surpasses the pouch cell touted in media leaks."

Questioning the timing of the reports, at a time when "Ola's 4680 Bharat Cell has entered commercial production", the company asserted the 4680 Bharat Cell "represents India's first indigenous large-format cell and directly competes with the Korean majors in the domestic market".

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Fear of losing market opportunities

"The fear of losing market opportunities, including a significant customer in Ola Electric, is prompting the foreign rival to attack an indigenous battery innovation," Ola Electric said in its statement. The company further said, "The timing of this selective leak to South Korean media, and its swift, unverified replication by a section of the Indian press, appears dubious at best."

It stated that a 'misleading narrative of tech intrigue is being weaponised to undercut India's emergence as a global player in advanced energy technology", as the company scales up production of the 4680 Bharat Cell, investing heavily in R&D and manufacturing infrastructure.

Ola Electric Market cap

Ola Electric currently has a market cap of Rs 18630 crore, as of November 10. The company's share price closed at Rs 44.40 on Monday.