Volvo Cars, the carmaker’s venture capital arm, has made a strategic investment in StoreDot, the Israeli startup which has developed 5-minute charging technology for electric vehicles.
StoreDot to begin mass production of its ‘100in5’, silicon dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024.
The company has revolutionized the conventional Li-ion battery by developing and synthesizing patented organic and inorganic chemicals, enabling an EV in only five minutes – the same amount of time it takes tofill a conventional combustion engine vehicle.
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Volvo aspires to become a completely electric car firm by 2030 seeking the opportunity to engage closely with StoreDot on intriguing new battery technology.
Volvo did not disclose details on the investment, but it is believed to have invested a few millions of dollars. The new funding comes as part of StoreDot’s $70 million D funding round announced in January 2022. StoreDot was valued at $1.5 billion in the round.
The first investment in the D round came from the Vietnamese electric vehicle manufacturer, VinFast, and Golden Energy Global Investment Ltd., a Chinese-owned company by Dr. Liu Jincheng, EVE Energy’s founder.
StoreDot has an impressive list of additional global investors, including Daimler, Ola Electric, BP Ventures, Samsung, and TDK.
“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 Volvo Cars Tech Fund.
“Our investment in StoreDot is a perfect fit for that mindset and its commitment to electrification and carbon-free mobility matches our own. We are excited to make this collaboration successful for both parties, working towards bringing this groundbreaking technology to the market.”
“We are extremely excited and proud to be entering into a collaboration with a premium automotive brand,” said Dr. Doron Myersdorf, StoreDot CEO. “Volvo Cars’ commitment to zero-emissions electric vehicles is hugely impressive and one that fits perfectly with StoreDot’s mission. We are working to ensure that EV drivers will never have to be concerned with anxiety about overcharging 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.”