Volvo invests again in electrification technologies and this time it chooses StoreDot for a new investment through the Tech Fund, the venture capital division of the Swedish carmaker. The Scandinavian brand is particularly interested in the very fast charging technology developed by the Israeli company. StoreDot is working on a pioneering technology that, according to the company, should lead to the creation of batteries that can recharge and reach up to 160 km of purely electric range in just five minutes.
The investment allows Volvo Cars to collaborate closely with StoreDot on an exciting new battery technology, a great opportunity considering the Swedish company aims to become an all-electric car manufacturer by 2030. Thanks to the collaboration of Volvo Cars, StoreDot aims to accelerate the time to market of its technology, reaching series production by 2024. Volvo Cars is the first luxury car maker to invest in StoreDot. The two companies will collaborate primarily as part of the battery technology joint venture that Volvo Cars formed last year with Northvolt, the leading Swedish battery manufacturer. With its investment in StoreDot, Volvo Cars has secured access to any technology resulting from the collaboration.
The pioneering StoreDot battery development project focuses on a unique silicon dominant anodic technology and related software integration. The project aims to develop ultra-fast charging battery technology, which aligns with Volvo Cars’ ambition to produce electric cars with longer range, shorter charging times and lower costs.
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