Volvo Cars, through Volvo Cars Tech Fund has made a strategic investment in Israel-based StoreDot, which is working on extreme fast charging technologies for electric vehicles.
Meir Halberstam, CFO, StoreDot 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 gives us the financial firepower to bring our revolutionary batteries to market quicker and boost ongoing R&D into solid-state technologies.”
Volvo Cars was among the first OEMs to commit to all-out electrification and aims to sell only pure electric cars by 2030. In fact, the carmaker aims to have 50 percent of global sales as electrics by as early as 2025.
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.”
Dr Doron Myersdorf, CEO, StoreDot (pictured) said, “Volvo Cars’ commitment to zero emissions electric vehicles fits perfectly with our mission. We are working to ensure that EV drivers will never have to be concerned with anxiety over charging times, currently the major barrier to EV ownership and a cleaner world.”
According to Myersdorf, StoreDot aims to offer global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when it is on track to achieve 100 miles in two minutes of charge.”
The new funding comes as part of StoreDot’s Series D investment round. Volvo Cars joins global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy who have invested in the Israeli-based company.
StoreDot is currently working with many global automotive manufacturers and has begun shipping advanced ‘100in5’ cells for them to undertake real-world testing.