Fast-charging technology developer StoreDot has formed a strategic partnership with Polestar, following an investment from the all-electric premium performance brand.
As part of this new partnership and investment agreement, Polestar will investigate utilizing StoreDot’s extreme fast-charging silicon-dominant batteries in its cars. StoreDot says it is on track to begin mass producing its ‘100in5’ technology as early as 2024, and claims that the technology can achieve 160km of range in just five minutes of charging.
Meir Halberstam, StoreDot’s CFO, commented, “This is yet another significant vote of confidence in StoreDot and our market-leading extreme fast-charging battery. This investment from one of the pioneering electric vehicle brands is an important step in our commercialization process. It will not only enable us to bring the groundbreaking ‘100in5’ batteries to market quicker, but also boost our R&D capabilities. We are rapidly moving toward even more game-changing technology and are laser-focused on offering 100 miles of range in just two minutes of charging, within a decade.”
Thomas Ingenlath, Polestar’s CEO, added, “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 with StoreDot are successful, we could see these solutions being implemented in Polestar cars by 2026.”
The new funding comes from StoreDot’s Series D investment round, with Polestar joining a list of the company’s global investors and partners, including Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and Eve Energy.