Volvo Cars has invested in StoreDot, an Israeli company developing extremely fast-charging battery technology for electric cars, through its venture capital arm, the Volvo Cars Tech Fund.
StoreDot says it is working on technology that should result in batteries that can charge to 160km of pure electric range in just five minutes. Volvo says the investment allows it to collaborate closely with StoreDot on new battery technology, as it aims to become a pure electric car company by 2030.
The collaboration between the two companies will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, a Swedish battery maker. “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,” said Alexander Petrofski, head of the Volvo Cars Tech Fund. “Our investment in StoreDot perfectly fits that mindset, and their commitment to electrification and carbon-free mobility matches our own. We’re excited to make this a successful collaboration for both parties and work toward bringing this groundbreaking technology to the market.”