Earlier today the good folk at Volvo Cars announced that they have made an investment in StoreDot, an Israeli company developing extreme-fast charging battery technology for electric cars, through the Volvo Cars Tech Fund, its venture capital arm.
StoreDot is working on a pioneering technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in just five minutes! The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on exciting new battery technology, as it aims to become a pure electric car company by 2030.
According to the release, the collaboration further aims to accelerate the time to market for its technology and it targets mass production by 2024. Volvo Cars is the first premium car maker to invest in StoreDot.
The collaboration between both companies will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, the Swedish leading battery maker. Through its investment in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
How does it work?
StoreDot’s pioneering battery development is centered around a unique silicon-dominant anode technology and related software integration. It aims to develop extreme-fast charging battery technology, which closely aligns with Volvo Cars’ ambition to develop electric cars with a longer range, quicker charging and lower costs.
As part of the approximately 30 billion SEK investment in the joint venture, both companies are establishing a joint R&D centre and a battery manufacturing plant in the Gothenburg area in Sweden. Together, the facilities will create over 3,000 new jobs and pave the way for Volvo Cars’ electrification strategy.
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