Volvo Cars has made an investment in StoreDot, an Israeli company developing extreme-fast charging battery technology for electric cars, through the Volvo Cars Tech Fund, its venture capital arm.
StoreDot is working on a technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in just five minutes. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on exciting 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 says it is the first “premium car maker” to invest in StoreDot.
The collaboration between both 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.
StoreDot’s battery development is centered around a unique silicon-dominant anode technology and related software integration.
Volvo Cars was the first established car maker to commit to all-out electrification and aims to sell only pure electric cars by 2030. Already by 2025, it aims for half of its global volume to consist of pure electric cars.