Volvo Cars has made an investment in StoreDot, the Israeli company developing extreme-fast-charging battery technology. StoreDot is working on technology that, according to the company, should result in batteries that can charge to 160km of range in just five minutes.
The investment through Volvo Cars Tech Fund, gives Volvo the “opportunity to collaborate closely with StoreDot on new battery technology as it aims to become a pure electric car company by 2030.”
StoreDot hopes the investment will accelerate the time to market for its silicon-dominant anode technology, targeting mass production by 2024. Volvo is the first premium car maker to invest in StoreDot.
The collaboration will be realised through the battery technology joint venture that Volvo established last year with Swedish battery maker Northvolt. The StoreDot investment secures Volvo’s 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 ground breaking technology to the market.”
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 more than 3,000 new jobs and pave the way for Volvo Cars’ ambitious electrification strategy.
Volvo was the first established car maker to commit to all-out electrification and by 2025, aims for half of its global volume to consist of pure electric cars and the roll out a whole new family of pure electric cars.
- Alexander Petrofski, Chief Executive Officer of Volvo Cars Tech Fund is speaking at MOVE in London on 15/16 June. With over 600 speakers across 33 themed stages MOVE is the world’s most important mobility event. Find further details here:
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