Volvo Cars has invested in StoreDot, the Israeli company developing extreme-fast charging battery technology for electric vehicles (EVs). The investment has been made through the Volvo Cars Tech Fund, its venture capital arm.
StoreDot is developing a pioneering technology that should result in electric car batteries that can be charged to 100 miles (160km) of range in just five minutes. Earlier in the year, StoreDot announced the first close of its Series D funding round of up to $80 million (£59 million/€71 million), the majority of which have already been secured.
StoreDot’s collaboration with Volvo Cars aims to accelerate the time to market for its technology and is aiming for mass production of its ‘100in5’ electric car battery cells by 2024. Volvo Cars is the first premium carmaker to invest in StoreDot.
The partnership will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, the Swedish leading battery maker.
The joint venture with Northvolt, announced last year, will focus on the development and manufacturing of state-of-the-art battery cells, specifically developed and for use in next-generation pure electric Volvo and Polestar cars
Through its investment in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
Alexander Petrofski, head of the Volvo Cars Tech Fund, said: “We aim to be the fastest transformer in our industry and the Tech Fund plays a crucial role in establishing partnerships with future technology leaders.
“Our investment in StoreDot perfectly fits that mindset and their commitment to electrification and carbon-free mobility matches our own. We’re excited to make this a successful collaboration for both parties and work towards bringing this groundbreaking technology to the market.”
StoreDot’s pioneering battery development is centred 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.
Dr Doron Myersdorf, StoreDot CEO “Volvo Cars’ commitment to zero emissions electric vehicles is hugely impressive and one that fits perfectly with StoreDot’s mission.
“We are working to ensure that EV drivers will never have to be concerned with anxiety over charging times, currently the major barrier to EV ownership and a cleaner world.
“StoreDot is also offering global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when we are already on track to achieve 100 miles (160km) in two minutes of charge.”
In coming years, Volvo Cars plan to roll out a whole new family of pure electric cars, one of the industry’s most ambitious electrification plans. Its transition to all-out electrification is part of its ambition to become a climate neutral company by 2040, as it works to consistently cut carbon emissions across its business.