Volvo Cars is investing in StoreDot through its in-house Volvo Cars Tech Fund. The Israeli company is developing groundbreaking battery technology for electric cars: According to the company, this should make it possible to recharge enough electricity for 160 kilometers in just five minutes. The investment gives Volvo Cars the opportunity to develop new battery technologies together with StoreDot. By working with Volvo Cars, StoreDot wants to accelerate the market launch of its development – a start of series production is targeted for 2024.
The cooperation between the two companies mainly takes place within the framework of the battery joint venture that Volvo established last year with the leading Swedish battery manufacturer Northvolt. By investing in StoreDot, Volvo Cars has secured access to all the technological advances resulting from the collaboration.
StoreDot’s battery development focuses on a special silicon anode technology and the associated software integration. The aim is to develop extremely fast charging technology. This aligns with Volvo’s goal of developing electric cars with greater range, faster charging times and lower costs.
As part of the approximately SEK 30 billion investment in the joint venture, the two companies involved are building a joint research and development center and battery production plant in the Gothenburg region to pave the way for Volvo’s ambitious electrification strategy. In total, more than 3,000 new jobs will be created in this way. www.volvocars.com (press area)