Volvo Cars Tech Fund Invests in Battery Technology Company StoreDot
Volvo Cars 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 technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in five minutes.
StoreDot’s battery development is centred around a ‘silicon-dominant anode technology and related software integration.’
The technology aligns with Volvo Cars’ ambition to develop electric cars with a longer range, quicker charging and lower costs, and Volvo says that by working with StoreDot, it aims to accelerate the time to market for its technology, targeting 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 Northvolt, the Swedish battery maker. Through its investment in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
“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.”
Volvo Cars has committed to all-out electrification and aims to sell only pure electric cars by 2030. By 2025, it aims for half of its global volume to consist of pure electric cars. Its transition to electrification is part of its ambition to become a climate-neutral company by 2040.
23 May 2022