- Volvo Cars Tech Fund, the carmaker’s venture capital arm, makes strategic investment in the extreme fast charging pioneer StoreDot
- Investment from Volvo Cars is the latest collaboration with a major automotive manufacturer and a vote of confidence in StoreDot’s advanced technologies
- StoreDot is on track to begin mass production of silicon dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024
- StoreDot’s global strategic partners now include Daimler, BP Ventures, Ola Electric, Samsung, TDK, EVE and VinFast
- ‘100in5’ battery cells currently in real-world testing by leading automotive manufacturers
HERZELIYA, Israel, April 19, 2022 /PRNewswire/ –Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic investment in StoreDot, the pioneer of extreme fast charging technologies for electric vehicles.
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 exciting new battery technology, as it aims to become a pure electric car company by 2030.
Meir Halberstam, StoreDot CFO “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. 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 was the first established car maker to commit to all-out electrification and 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.
Alexander Petrofski, Head of Volvo Cars Tech Fund “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. 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.”
Dr Doron Myersdorf, StoreDot CEO “We are extremely excited and proud to be entering into a collaboration with a premium automotive brand. 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 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. Volvo Cars is joining an impressive list of the company’s global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
StoreDot is currently working with many global automotive manufacturers, to power next generation electric vehicles. It is already shipping advanced ‘100in5’ cells for them to undertake real-world testing.
StoreDot is a pioneer and leader of extreme fast charging batteries that overcome the critical barrier to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, making it possible to charge an EV in just five minutes – the same time it takes to refuel a conventional combustion engine vehicle. Through it’s ‘100inX’ strategic roadmap, StoreDot’s battery technology is optimized for best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED). StoreDot’s strategic investors include VinFast, BP, Daimler, Ola Electric, Samsung Ventures, and TDK. In 2019, the company achieved a world first by demonstrating the live full charge of a two-wheeled EV in just five minutes. In 2020, the company demonstrated the scalability of its XFC batteries and is on target for Electric Vehicle battery production at scale by 2024. For more information see: www.store-dot.com.
About Volvo Cars:
Volvo Cars in 2021
Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 cars.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2020, Volvo Cars employed approximately 40,000 full-time employees. Volvo Cars’ head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centers in Gothenburg, Camarillo (US), Sunnyvale (US) and Shanghai (China).
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