Italvolt has announced that it has entered a strategic partnership with StoreDot, a pioneer and global leader in extreme fast charging and energy dense lithium-ion battery technology.
The agreement has stated that Italvolt will license StoreDot’s extreme fast charging technology and intellectual property rights to manufacture XFC lithium-ion batteries at its plant in Italy. The collaboration includes an offtake agreement for StoreDot, enabling the purchase of Italvolt’s batteries for its own business and customers, once production is complete, said the release.
Lars Carlstrom, Italvolt Founder and CEO of Italvolt said: “Our collaboration with StoreDot is an inflection point in our journey to deliver high-quality, lithium-ion battery cells, at scale. Italvolt’s technology-agnostic, modular approach to production will ensure that we remain at the forefront of the industry as battery cell technology advances. We are proud to welcome StoreDot as an offtake partner, and together, we will accelerate the rollout of extreme energy density battery cells, that can support the transition to electric vehicles”.
The joint venture represents a significant milestone in Italvolt’s operational goal to create lithium-ion batteries at scale and establishes an accelerated route to market.
It specifically shows the similarity of ambition between the two companies and is said to allow Italvolt to scale and upgrade its battery cell production alongside StoreDot’s technological advancements.
StoreDot’s ‘100inX’ product roadmap has an ambition to develop advanced battery cells capable of 100 miles of range in 5 minutes’ charge by 2024, 100 miles in 3 minutes’ charge by 2028 and 100 miles in 2 minutes’ charge by 2032, said the press release.
StoreDot aims to drive mass EV adoption through the development of extreme energy density batteries, which deliver greater efficiency, a longer lasting performance, and allow for superfast charging.
Doron Myersdorf, CEO of StoreDot said: “We are excited to be forming this strategic collaboration with Italvolt, a company that shares our ambition for the entire battery ecosystem and will be crucial for us securing European manufacturing capacity. This agreement lets us obtain captive capacity so we can guarantee supply of cells to our future OEM customers. It is extremely important that StoreDot creates these strong relationships as we rapidly move towards mass production of our extreme fast charge batteries in the coming months. Our advanced 100in5 technologies will eradicate charging anxiety which is currently the biggest barrier to widespread electric vehicle ownership.”
The joint venture between the two companies will demonstrate how independent battery manufacturers are able to develop advanced lithium-ion battery cells efficiently and on a large scale.
Press release and picture: Italvolt