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