Volvo Car’s venture capital arm, Tech Fund, is investing in StoreDot, an Israeli company developing extreme-fast charging battery technology for electric cars
Volvo says it is the first premium car maker to invest in StoreDot and that the collaboration will operate within the battery technology joint venture that it established last year with Northvolt. StoreDot is working on technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in five minutes. The Swedish OEM says the investment gives it the opportunity to collaborate closely with StoreDot on new battery technology, and to accelerate the time to market for its technology and meet targets mass for production by 2024.
StoreDot’s battery development is centred around a silicon-dominant anode technology and related software integration. It aims to develop extreme-fast charging battery technology, which aligns with Volvo Cars’ ambition to develop electric cars with a longer range, quicker charging and lower costs.
Its joint venture with Northvolt, announced last year, will focus on both development and manufacturing of state-of-the-art battery cells, specifically developed and tailor-made for use in next generation pure electric Volvo and Polestar cars.
As part of the approximately 30 billion SEK ($3.3 billion) investment in the joint venture, both companies are establishing a joint R&D centre and a battery manufacturing plant in the Gothenburg area in Sweden