Ola Electric rejects media reports on tech leak, says allegations are baseless and ill timed

Bhavish Aggarwal led Ola Electric on November 9 denied media reports alleging that an unnamed former LG Energy Solution executive tried to transfer IPs of its pouch cell technology to Ola Electric.

“Media reports alleging technological conspiracies related to Ola Electric, which cast baseless doubt on the company’s world-class battery innovation capabilities, are misleading and completely baseless,” the electric two-wheeler manufacturer 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 Bharat 4680 cell is based on the most advanced dry electrode technology in a cylindrical shape and is superior to the pouch cell that has been touted in media leaks,” she said.

“The malicious media report appears at an important time, just as Ola’s Bharat 4680 cell enters commercial production. The Bharat 4680 cell represents India’s first large-scale domestic cell and competes directly with major Korean companies in the domestic market,” the statement read.

“Fear of losing market opportunities, including a major customer in Ola Electric, is pushing foreign competitor to attack domestic battery innovation,” she added.

Ola Electric said it is ramping up production of 4680 Bharat Cell, investing in R&D and manufacturing infrastructure, and a “misleading narrative of tech conspiracies is being used as a weapon to undermine India’s emergence as a global player in advanced energy technology”.

Ola Cell Technologies has set up India’s first operational cell Gigafactory, built with a cumulative investment of Rs 2,500 crore. The company said its Battery Innovation Center (BIC) in Bengaluru employs more than 250 people.

“The government, through various initiatives, has created a strong ecosystem for companies like us to innovate, file patents and build world-class technology in India. India’s progress in advanced cell technology, embodied by the Bharat 4680 cell, is the direct result of this vision of technological self-reliance. We will not allow business rivalries or incentivized media speculation to derail India’s push towards global leadership in clean energy and battery innovation,” Ola Electric said.

This comes days after credit rating agency Moody’s downgraded Ola Electric’s parent company, ANI Technologies Pvt Ltd, family business rating and rating of the senior secured term loan borrowed by Ola Holland to ‘Caa1’ from ‘B3’ with a negative outlook.

“The downgrade to Caa1 and negative outlook reflect the continued weakness in Ola’s operational performance which is eroding liquidity and increasing the risk of breach of the agreement in the coming months,” said Shweta Patodia, Associate Vice president and Analyst at Moody’s Ratings. The credit rating agency said continued operational weakness led to higher-than-expected cash burn during the six months ending September 30, 2025.