Ola Electric rejects media reports on tech leak, says allegations are baseless and ill timed
Bhavish Aggarwal-led Ola Electric on November 9 dismissed media reports which claimed that an unnamed former LG Energy Solution executive attempted to pass on pouch cell technology IPs to Ola Electric.
“The media reports alleging technology intrigue involving Ola Electric, casting unfounded aspersions on the company’s world-class battery innovation capabilities, are misleading and completely baseless,” the electric two-wheeler maker said in a statement.
Ola Electric said the old and dated pouch cell technology, which the report claims was leaked, is not even an area of research or commercial interest for the company. “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,” it said.
“The insidious media report emerges at a telling time, just as Ola’s 4680 Bharat Cell, has entered commercial production. The 4680 Bharat Cell represents India’s first indigenous large-format cell and directly competes with the Korean majors in the domestic market,” the statement said.
“The fear of losing market opportunities, including a significant customer in Ola Electric, is prompting the foreign rival to attack an indigenous battery innovation,” it added.
Ola Electric said as it scales up production of the 4680 Bharat Cell, invests in R&D and manufacturing infrastructure, a “misleading narrative of tech intrigue is being weaponised to undercut India’s emergence as a global player in advanced energy technology.”
Ola Cell Technologies has established India’s first operational cell Gigafactory, built with a cumulative investment of ₹2,500 crore. The company said its Battery Innovation Centre (BIC) in Bengaluru employs over 250 people.
“The government, through various initiatives, has created a powerful ecosystem for companies like us to innovate, file patents, and build world-class technology in India. India’s progress in advanced cell technology, exemplified by the 4680 Bharat Cell, is the direct result of this vision for technological self-reliance. We will not allow business rivalries or motivated media speculation to derail India’s push toward global leadership in clean energy and battery innovation,” said Ola Electric.
This comes days after Moody’s Ratings downgraded Ola Electric’s parent, ANI Technologies Pvt Ltd, corporate family rating and the rating on the guaranteed senior secured term loan borrowed by Ola Netherlands to ‘Caa1’ from ‘B3’ with negative outlook.
“The downgrade to Caa1 and negative outlook reflects the ongoing weakness in Ola’s operating performance that is eroding liquidity and raising the risk of a covenant breach in the coming months,” said Shweta Patodia, a Moody’s Ratings Assistant Vice President and Analyst. Sustained operating weakness has resulted in higher than expected cash burn during the six months ended September 30, 2025, the ratings agency said.
