Volvo Cars: Partnering with StoreDot for Faster Charging Times

The Swedish Geely subsidiary Volvo Cars has announced another investment in battery technology and is participating in the Israeli company StoreDot through its in-house Volvo Cars Tech Fund. The company is developing a battery technology for electric vehicles that is particularly fast-charging capable and claims to recharge enough for 160 kilometers in just five minutes. In doing so, the "conventional" lithium-ion battery is replaced by the development and synthesis of proprietary organic and inorganic compounds, it is said. In 2019, the company demonstrated the complete charging of a two-wheeled electric vehicle in just five minutes in a live world premiere. In 2020, they aim to demonstrate the scalability of their XFC batteries. StoreDot's strategic investors include VinFast, BP, Daimler, Ola Electric, Samsung Ventures, and TDK.

Through its collaboration with Volvo Cars, StoreDot aims to accelerate the market launch of its development – with a start of series production targeted for the year 2024. The collaboration between the two companies occurs mainly within the framework of the battery joint venture that Volvo founded last year with the leading Swedish battery manufacturer Northvolt. With the investment, the Swedes say they have secured access to all technological achievements resulting from the collaboration.

“We want to be the fastest transformer in our industry, and the Tech Fund plays a crucial role in building partnerships with future technology leaders. Our investment in StoreDot fits perfectly with this approach, the company's commitment to electrification and CO2-free mobility matches our own,” promises Alexander Petrofski, head of the Volvo Cars Tech Fund.

The battery development of the Israelis focuses on a special silicon anode technology and the associated software integration. The goal is the development of an extremely fast charging technology. This aligns with Volvo's objective to develop electric cars with greater range, shorter charging times, and lower costs. The Swedes aim to sell only pure electric cars from 2030 onwards. Already by 2025, half of global sales are expected to come from pure electric cars. The joint venture announced last year with Northvolt is focused on the development and production of state-of-the-art battery cells for the next generation of electric vehicles of the sister brands Volvo and Polestar. As part of the investment of around 30 billion Swedish kronor in the joint venture, the two participating companies are setting up a joint research and development center as well as a battery production plant in the Gothenburg region. In total, over 3,000 new jobs will be created as a result.