Volvo Cars has made a strategic investment in StoreDot, a company whose design and synthesis of patented organic and inorganic compounds enables rapid charging of EVs.
StoreDot, located in Herzeliya, Israel said it is on track to begin mass-producing so-called ‘100in5’ cells as early as 2024, which will charge 100 miles in five minutes.
The investment through the Volvo Cars Tech Fund gives Volvo Cars the opportunity to partner with StoreDot on new battery technology as it moves towards becoming a pure electric car company by 2030.
According to Volvo Cars, the collaboration will mainly take place within the battery technology joint venture that was founded in 2021 with Northvolt, the Swedish battery maker. Through its investment in StoreDot, Volvo Cars said it had access to all the technology resulting from the collaboration.
Meir Halberstam, StoreDot CFO, said: “We are moving closer to mass production of our batteries and this investment from Volvo Cars Tech Fund is another great vote of confidence in StoreDot and our mission. It represents an important and high profile element of our current Series D funding round, which gives us the financial strength to bring our revolutionary batteries to market faster and drive ongoing R&D into solid-state technologies.”
As early as 2025, Volvo Cars aims to have half of its global volume made up of purely electric cars.
“Volvo Cars’ commitment to zero-emission electric vehicles is extremely impressive and fits perfectly with StoreDot’s mission,” said Dr. Doron Myersdorf, CEO of StoreDot. “We are working to ensure that EV drivers never have to worry about charging times, currently the number one barrier to EV ownership and a cleaner world. StoreDot also provides global OEMs with a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024, but extend into the next decade, when we are already on track to reach 100 miles in a two-minute charge.”
The new financing is part of StoreDot’s Series D investment round that sees Volvo joining investors such as Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK and EVE Energy.
StoreDot’s battery development is centered around a unique silicon-dominant anode technology and related software integration. The company is currently working with a number of global automakers, shipping advanced ‘100in5’ cells for them to conduct field tests.
