Volvo announced today that it has invested in Israel’s StoreDot, a tech company researching superfast battery charging technology for electric vehicles, through its venture capital arm, the Volvo Cars Tech Fund.
StoreDot claims that its technology could result in batteries that can charge up to 100 miles (160 km) of electric range in just five minutes, which would have big benefits for Volvo’s upcoming range of EVs. By working with the Swedish automaker, the tech company aims to accelerate the time to market for its product and get it into mass production by 2024.
Through its investment, Volvo says that it will have the opportunity to collaborate closely with StoreDot on the new battery technology it is developing. The automaker will mostly collaborate with StoreDot through a joint venture it established with Northvolt, Sweden’s leading battery manufacturer. Volvo will have access to any technological innovations that result from the collaboration.
StoreDot’s work has mostly revolved around the development of a unique silicon-dominant anode technology and related software integration. Nanoparticles are said to support the movement of ions more efficiently than graphite, which is what allows the batteries to achieve their remarkable charging times.
VinFast has also invested in StoreDot for its technology. Volvo says that the tech company will help achieve its goal of having EVs making up 50 percent of its sales by 2025 and 100 percent by 2030.
“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.”