Volvo Cars invests in battery technology company StoreDot
StoreDot is working on technology that the company says should result in batteries capable of recharging up to 100 miles of pure electric range in just five minutes. This investment gives Volvo Cars the opportunity to work closely with StoreDot on new battery technology.
By working with Volvo Cars, StoreDot aims to accelerate the time to market for its technology and is aiming for mass production by 2024. The collaboration between the two companies will primarily take place within the battery technology joint venture that Volvo Cars created last year with the Swedish battery. manufacturer Northvolt. Through its investment in StoreDot, Volvo Cars has also secured access to any technology resulting from the collaboration, a press release says.
“We aim to be the fastest transformer in our industry and the Tech Fund plays a crucial role in building partnerships with future technology leaders,” says Alexander Petrofski, Head of Volvo Cars Tech Fund, in the press release. . “Our investment in StoreDot aligns perfectly with this mindset and their commitment to electrification and carbon-free mobility matches ours. We are excited to make this collaboration a success for both parties and to work towards bringing this revolutionary technology to market.
StoreDot’s battery development is centered on silicon-dominant anode technology and associated software integration.
Volvo’s joint venture with Northvolt will focus on both the development and manufacture of battery cells, specifically developed and tailor-made for use in next-generation pure-electric Volvo and Polestar cars. As part of the approximately 30 billion Swedish krona (2.9 billion euro) investment in the joint venture, the two companies are establishing a joint R&D center and battery manufacturing plant in the region of Gothenburg in Sweden. Together, the facilities will create more than 3,000 new jobs.