Through its venture capital arm, Volvo Cars has invested an undisclosed sum in StoreDot, an Israeli company developing fast-charging battery technologies for EVs. It is most commonly known for its 100in5 EV charging technology, which it expects to replenish 99 miles (160 km) of driving range in five minutes.
The technology is currently in development, with the firm working on the silicon dominant lithium-ion cells that enable its ultra-fast charging capabilities. As part of its 100inX technology roadmap, following the launch of 100in5, StoreDot will investigate the development and production of a similar solution that will decrease the charging duration to three minutes by 2028, and two minutes by 2032.
For Volvo, investing in the company will allow it to bolster its plans to phase out ICE vehicles and only sell EVs from 2030 onwards. At the same time, Volvo Cars will have access to any resulting technologies generated from the collaboration. Likewise, in working with Volvo Cars, StoreDot aims to accelerate the time-to-market for its technology, for which it is currently looking to commence mass production on before 2024.
The collaboration between the companies will mainly take place within the battery technology joint venture operated by Volvo Cars with Northvolt. Representing a 30 billion SEK investment, both companies are currently establishing a joint R&D center and battery manufacturing plant in Gothenburg, Sweden as part of the joint venture’s initial activities.
Volvo Cars is the latest in a series of similar strategic partnerships secured by StoreDot. Its portfolio of partners include fellow OEMs such as Mercedes-Benz and VinFast and companies further along the automotive landscape – including Samsung, BP Venture, and TDK.