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.
Meir Halberstam, StoreDot CFO, said: “We are moving closer to the mass production of our batteries and this investment from Volvo Cars Tech Fund is yet another huge vote of confidence in StoreDot and our mission. It represents a significant and high-profile element of our current Series D funding round. This gives us the financial firepower to bring our revolutionary batteries to market quicker and boost ongoing R&D into solid-state technologies.”
As early as 2025, Volvo Cars is aiming for half of its global volume to consist of pure electric cars.
“Volvo Cars’ commitment to zero emissions electric vehicles is hugely impressive and one that fits perfectly with StoreDot’s mission” said Dr Doron Myersdorf, StoreDot CEO. “We are working to ensure that EV drivers will never have to be concerned with anxiety over charging times, currently the major barrier to EV ownership and a cleaner world. StoreDot is also offering global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when we are already on track to achieve 100 miles in two minutes of charge.”
The new funding comes as part of StoreDot’s Series D investment round with Volvo joining investors that include Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
StoreDot’s battery development is centred around a unique silicon-dominant anode technology and related software integration. The company is currently working with a number of global automotive manufacturers and is shipping advanced ‘100in5’ cells for them to undertake real-world testing.