Volvo Cars announced in a statement the company 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 pioneering technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in just five minutes.
By working together with Volvo Cars, StoreDot aims to accelerate the time to market for its technology, and it targets mass production by 2024. The collaboration between both companies will mainly take place within the battery technology joint venture that Volvo Cars established last year with Swedish battery maker Northvolt.
“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.”
As part of the approximately 30 billion SEK investment in the joint venture, both companies are establishing a joint R&D center and a battery manufacturing plant in the Gothenburg area in Sweden.