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Volvo has invested in “extreme fast charging” startup StoreDot.
The Volvo Cars Tech Fund, which serves as the venture capital arm of the Swedish automaker, has pumped an undisclosed amount into StoreDot’s coffers as part of its Series D funding round.
StoreDot’s proprietary extreme fast charging technology should result in batteries that can charge to 160 km of pure electric range in just five minutes.
By working together with Volvo Cars, StoreDot aims to accelerate the time to market for its technology and it targets mass production by 2024. Volvo Cars is the first premium carmaker to invest in StoreDot.
Collaboration between the company within the joint venture that Volvo established last year with Northvolt, Sweden’s leading battery manufacturer. 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.”
StoreDot’s battery technology is centred around a unique silicone-dominant anode and related software integration.
“We are moving closer to the mass production of our batteries and this investment from Volvo Cars Tech Fund is yet another huge vote of confidence in StoreDot and our mission. It represents a significant and high-profile element of our current Series D funding round. This gives us the financial firepower to bring our revolutionary batteries to market quicker and boost ongoing R&D into solid-state technologies,” said Meir Halberstam, StoreDot’s CFO.
Alongside Volvo’s investment, StoreDot has also received funding from Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
“We are working to ensure that EV drivers will never have to be concerned with anxiety over charging times, currently the major barrier to EV ownership and a cleaner world. StoreDot is also offering global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when we are already on track to achieve 100 miles in two minutes of charge,” said StoreDot CEO Dr Doron Myersdorf.