Volvo Cars invests in rapid charging battery tech

Volvo Cars has made a strategic investment in StoreDot, a company whose design and synthesis of proprietary organic and inorganic compounds makes it possible to rapidly charge EVs.

Herzeliya, Israel-based StoreDot said it is on track to begin mass producing so-called ‘100in5’ cells as early as 2024, which provide 100 miles of charge in five minutes.

The investment via the Volvo Cars Tech Fund gives Volvo Cars the opportunity to collaborate with StoreDot on new battery technology as it moves toward becoming a pure electric car company by 2030.

According to Volvo Cars, the collaboration will mainly take place within the battery technology joint venture established in 2021 with Northvolt, the Swedish battery maker. Through its investment in StoreDot, Volvo Cars said it has secured access to any resulting technology from the collaboration.