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April 19, 2022

StoreDot attracts investment from Volvo Cars

Volvo Cars Tech Fund makes strategic investment in Israeli fast charging start-up, StoreDot.

By David Leggett

Geely-owned Volvo Cars has made a strategic investment in Israel-based start-up StoreDot.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
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The new funding comes as part of StoreDot’s Series D investment round. Volvo Cars is joining a list of the company’s global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.

Fast charge specialist StoreDot says it is on track to begin mass producing its ‘100in5’ cells as early as 2024, achieving a claimed 100 miles of charge in five minutes.

The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on the new battery technology.

Meir Halberstam, StoreDot CFO, said: “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 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 said: “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.”

StoreDot maintains it is offering global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when it says it will achieve 100 miles in two minutes of charge.

StoreDot says it already shipping advanced ‘100in5’ cells to automotive OEMs for them to undertake real-world testing.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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