Murat Temizer
21 April 2022•Update: 21 April 2022
ANKARA
Volvo Cars has invested in StoreDot, an Israeli company developing extreme-fast-charging battery technology for electric cars, through the Volvo Cars Tech Fund, its venture capital arm, the company said on Wednesday.
StoreDot is working on a pioneering technology that, according to the company, should result in batteries that can charge up to 99 miles (160 kilometers) of pure electric range in just five minutes.
According to Volvo's statement, the investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on this “exciting new battery technology as it aims to become a pure electric car company by 2030.”
By working together with Volvo Cars, the first premium car maker to invest in StoreDot, StoreDot aims to accelerate the time to market for its technology while targeting mass production by 2024.
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.
"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," said Alexander Petrofski, head of the Volvo Cars Tech Fund. "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 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.
Volvo Cars was the first established car maker to commit to all-out electrification and aims to sell only pure electric cars by 2030. By 2025, it aims for half of its global volume to consist of pure electric cars.
Its joint venture with Northvolt, announced last year, will focus on both developing and manufacturing state-of-the-art battery cells, specifically developed and tailor-made for use in next-generation pure electric Volvo and Polestar cars.
