Volvo Cars has invested in a breakthrough battery technology company that could see its future electric vehicles get a range of nearly 100 miles from a five-minute charge.
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Having been the first major automaker to announce it is ditching internal combustion engine cars as it races towards an all-electric future, its investment is in StoreDot, an Israeli company developing extremely fast-charging battery technology. for electric cars, through the Volvo Cars Tech Fund, its venture capital arm.
StoreDot is working on pioneering technology that the company says should result in batteries capable of recharging up to 99 miles (160 km) of pure electric range in just five minutes. This investment gives Volvo Cars the opportunity to work closely with StoreDot on exciting new battery technology as it aims to become a pure electric car company by 2030.
By collaborating with Volvo Cars, StoreDot aims to accelerate the time to market of its technology and aims for mass production by 2024. Volvo Cars is the first premium car manufacturer to invest in StoreDot.
The collaboration between the two companies will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, Sweden’s leading battery manufacturer. Through its investment in StoreDot, Volvo Cars has secured access to any technology resulting from the collaboration.
“We aim to be the fastest transformer in our industry and the Tech Fund plays a crucial role in building partnerships with future technology leaders,” said Alexander Petrofski, Head of Volvo Cars Tech Fund. “Our investment in StoreDot aligns perfectly with this mindset, and their commitment to electrification and carbon-free mobility matches ours. We are excited to make this collaboration a success for both parties and to work towards bringing this revolutionary technology to market.
StoreDot’s pioneering battery development is centered around a unique silicon-dominant anode technology and associated software integration. It aims to develop extremely fast-charging battery technology, which closely aligns with Volvo Cars’ ambition to develop electric cars with longer range, faster charging and lower costs.
Volvo Cars’ commitment to total electrification aims to sell only pure electric cars by 2030. Already by 2025, it aims to have half of its global volume made up of pure electric cars .
Its joint venture with Northvolt, announced last year, will focus on both the development and manufacture of state-of-the-art battery cells specifically developed and tailor-made for use in Volvo and Polestar cars. new generation purely electric.
As part of the approximately SEK 30 billion investment in the joint venture, the two companies are establishing a joint R&D center and battery manufacturing plant in the Gothenburg region of Sweden. Together, the facilities will create more than 3,000 new jobs.
In the coming years, Volvo Cars plans to roll out an all-new family of all-electric cars, one of the most ambitious electrification plans in the industry. Its move to all-out electrification is part of its ambition to become a climate-neutral company by 2040.