Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic investment in StoreDot, an extreme fast-charging technology company for electric vehicles (EV).
StoreDot is on track to begin mass producing its 100in5 cells as early as 2024, achieving 100 miles of charge in just five minutes. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on new battery technology as it aims to become a pure electric car company by 2030.
“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,” says Meir Halberstam, StoreDot’s CFO. “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.”
Volvo Cars aims to sell only pure electric cars by 2030. As early as 2025, the company is aiming for half of its global volume to consist of pure electric cars.
“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,” comments 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. Volvo Cars’ commitment to zero emissions EVs is hugely impressive and one that fits perfectly with StoreDot’s mission,” adds Dr. Doron Myersdorf, StoreDot’s CEO. “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.”
The new funding comes as part of StoreDot’s Series D investment round.