— through the Volvo Cars Tech Fund, its venture capital arm — has made an investment in StoreDot
, an Israeli company developing ‘extreme-fast-charging battery technology’ for electric cars.
StoreDot is working on a ‘pioneering technology’ that, according to the company, should result in batteries that can charge to 99 miles (160km) of pure electric range in just 5min. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on new battery technology, as it aims to become a pure electric car company by 2030.
By working together with Volvo Cars, StoreDot aims to accelerate the time to market for its technology and is targeting mass production by 2024. Volvo Cars is the first premium car maker to invest in StoreDot.
The collaboration between the two 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.
Alexander Petrofski, who is 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.”
StoreDot’s pioneering battery development is centred around a ‘unique silicon-dominant anode technology and related software integration’. The company 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.
Indeed, the car manufacturer says it is committed to all-out electrification, and that by 2025 half of its global volume will consist of pure electric cars.
Volvo Cars’ joint venture with Northvolt, announced last year, will focus on both development and manufacturing of state-of-the-art battery cells, specifically developed and tailor-made for use in next-generation pure electric Volvo and Polestar cars.
As part of the investment in the joint venture — about 30 billion SEK — 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’ electrification strategy.