Fast charging specialist StoreDot has agreed a supply deal with Polestar, following an investment from the EV brand.
Polestar will “investigate” using StoreDot’s extreme fast charging silicon-dominant batteries for future cars.
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StoreDot is on track to begin mass producing its ‘100in5’ technology as early as 2024, achieving 100 miles of range after just five minutes of charging.
Meir Halberstam, StoreDot CFO, said: “This investment from one of the pioneering electric vehicle brands is an important step in our commercialization process. It will enable us to bring the ground-breaking ‘100in5’ batteries to market quicker and also boost our R&D capability.”
Thomas Ingenlath, Polestar CEO, said: “Charging and range anxiety are common concerns holding owners of combustion engine cars back from making the switch to EVs. StoreDot’s advanced battery technology potentially provides real solutions to these obstacles. If our current pilot projects are successful, we could see these [batteries] being implemented by 2026.”
The new funding was part of StoreDot’s Series D investment round. Other investors include Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.
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By GlobalData
