Volvo Cars has invested in StoreDot, an Israeli company developing ultra-fast charging battery technology for electric vehicles, through its venture capital arm, the Volvo Cars Tech Fund.
StoreDot is developing a ground-breaking technology that, the company claims, will result in batteries capable of charging to 160 kilometers of pure electric range in just five minutes. Volvo Cars will use the investment to collaborate closely with StoreDot on innovative new battery technology, as the company strives to become a pure electric car company by 2030.
StoreDot’s collaboration with Volvo Cars aims to accelerate the time to market for its technology, with a goal of mass production by 2024. Volvo Cars is the first premium automobile manufacturer to make an investment in StoreDot.
Both companies will collaborate primarily through the battery technology joint venture that Volvo Cars established last year with Northvolt, Sweden’s largest battery manufacturer. Volvo Cars has secured access to any technology developed as a result of the collaboration through its investment in StoreDot.
“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 groundbreaking technology to the market.”
StoreDot’s battery innovation is centered on a novel silicon-dominant anode technology and associated software integration. Its objective is to develop ultra-fast charging battery technology, which fits perfectly with Volvo Cars’ goal of developing electric vehicles with a longer range, faster charging, and lower costs.
Volvo Cars was the first established automobile manufacturer to commit to complete electrification, with the goal of selling only pure electric vehicles by 2030. By 2025, it aims to have half of its global volume comprised of pure electric vehicles.
Its joint venture with Northvolt, announced last year, will focus on both the development and manufacturing of cutting-edge battery cells designed specifically for use in Volvo and Polestar’s next generation pure electric vehicles.
Both companies are investing approximately 30 billion SEK in the joint venture to establish a joint R&D center and battery manufacturing plant in the Gothenburg area of Sweden. The combined facilities will support over 3,000 new jobs and lay the groundwork for Volvo Cars’ ambitious electrification strategy.
Volvo Cars intends to introduce an entirely new family of pure electric vehicles in the coming years, one of the industry’s most ambitious electrification plans. Its transition to total electrification is part of its goal of becoming a climate neutral company by 2040, as it works to consistently reduce carbon emissions across its operations.
