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 new battery technology, as it aims to become a pure electric car company by 2030.
“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.”, said Meir Halberstam, StoreDot CFO.
Volvo Cars is aiming for half of its global volume to consist of pure electric cars by 2030.
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.”