Volvo Cars has made an investment in StoreDot, an Israeli company that develops extremely fast battery charging technology for electric cars, through the Volvo Cars Tech Fund, the car manufacturer’s venture capital alarm.
StoreDot works with a groundbreaking technology that, according to the company, will result in batteries that can be charged for a pure electrical range of 160 km in just five minutes. The investment gives Volvo Cars the opportunity to work closely with StoreDot on exciting new battery technology in its ambition to become a fully electric car company by 2030.
Through the collaboration with Volvo Cars, StoreDot strives to speed up the introduction time for its technology, which aims to be in mass production by 2024. Volvo Cars is the first premium car manufacturer to invest in StoreDot.
The collaboration between the two companies will primarily take place within the joint venture that Volvo Cars formed last year with Northvolt, the leading Swedish battery manufacturer. Through its investment in StoreDot, Volvo Cars has secured access to all technology that is developed as part of the collaboration.
– We aim to become the fastest innovator in our industry, and Tech Fund plays a crucial role in establishing partnerships with future technology leaders, says Alexander Petrofski, head of Volvo Cars Tech Fund. – Our investment in StoreDot fits perfectly into this mindset and their commitment to electrification and carbon-free mobility matches our own. We are pleased to make this a successful collaboration for both parties and work to bring this groundbreaking technology to market.
StoreDot’s pioneering battery development is centered around a unique silicon-dominant anode technology and related software integration. The aim is to develop extremely fast-charging technology, which is close to Volvo Car’s ambition to develop electric cars with a longer range, faster charging and lower costs.
Volvo Cars var den första etablerade biltillverkaren att åta sig att elektrifiera hela sitt modellprogram och man siktar på att endast sälja elektriska bilar 2030. Målet är inställt på att hälften av den globala volymen ska bestå av renodlade elbilar redan 2025.
Volvo Cars samriskföretag med Northvolt, som tillkännagavs förra året, kommer att fokusera på både utveckling och tillverkning av toppmoderna battericeller, specifikt utvecklade och skräddarsydda för användning i nästa generations helt elektriska Volvo- och Polestar-bilar.
As part of the investment of almost SEK 30 billion in the joint venture, the two companies will establish a joint R&D center and a battery manufacturing facility in the Gothenburg area. Together, the facilities will create over 3,000 new jobs and pave the way for Volvo Car’s ambitious electrification strategy.
In the next few years, Volvo Cars plans to roll out a completely new family of electric cars, one of the industry’s most ambitious electrification plans. The transition to becoming a fully electrified car manufacturer is part of Volvo Cars’ ambition to be a climate-neutral company by 2040, as it strives to consistently reduce carbon dioxide emissions throughout its operations.
