Polestar, the Swedish premium electric vehicle (EV) car brand, has invested in StoreDot, the Israel-based extreme fast-charging battery technology pioneer. This is Polestar’s first financial investment into another company and is now a shareholder in StoreDot.
StoreDot is pioneering the development of silicon-dominant extreme fast-charging batteries for electric vehicles. The Israel-based company aims to produce batteries for electric vehicles capable of charging up to 100 miles (160km) of range in just five minutes, by 2024. StoreDot recently demonstrated its ability to do this at EcoMotion Week 2022 in Israel.
StoreDot’s advanced battery technology aligns with Polestar’s strategy of using broader innovative industry partners to drive advancements in electric mobility.
Thomas Ingenlath, Polestar CEO, said: “Polestar can help shape the development of new battery technology for the automotive industry and provide invaluable insights from the perspective of a brand focused on performance and sustainability.”
As part of the strategic deal, Polestar is collaborating with StoreDot to explore adapting and applying their technology to proof-of-concept Polestar cars. Test cases already being explored include customising StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity.
Ingenlath added: “Charging and range anxiety are common concerns holding owners of combustion engine cars back from making the switch to EVs. StoreDot’s advanced battery technology potentially provides real solutions to these obstacles.
“If our current pilot projects with StoreDot are successful, we could see these solutions being implemented in Polestar cars by 2026.”
Dr Doron Myersdorf, StoreDot CEO, said: “We are extremely excited to be entering into an agreement with Polestar, both as an investor and collaborator. Like us, Polestar is an extremely ambitious, innovative brand and is already proving to be pivotal in the mass adoption of electric vehicles, helping us move to a cleaner, zero-emissions world.
“We are looking forward to working together and we know that our technologies have huge potential to eradicate charging and range anxieties for future Polestar owners.”