Volvo Cars Tech Fund, the venture capital arm of Volvo Cars, unveiled a strategic investment in StoreDot, an Israeli electric vehicle rechargeable battery technology company, becoming the first high-end automaker to invest in StoreDot.
StoreDot's pioneering battery development is centered on its unique silicon-based anode technology and associated software integration. According to the company, the technology allows the power battery of a pure electric vehicle to be charged to a range of 160 kilometers in just 5 minutes. This is highly in line with Volvo Cars' goal of developing electric vehicles with longer range, faster charging speed and lower cost, thus accelerating Volvo Cars' goal of becoming a pure electric luxury car company by 2030. With the partnership with Volvo Cars, StoreDot will also accelerate the time of its technology to reach mass production in 2024.
The cooperation between the two companies will be mainly through a joint venture between Volvo Cars and Northvolt, the world's leading Swedish battery manufacturer. By investing in StoreDot, Volvo Cars will have access to all the technologies developed in collaboration.
Alexander Petrofski, Head of the Volvo Cars Technology Fund, said: "Volvo Cars aims to be the fastest transformationist in the industry, and the Technology Fund plays an important role in our partnerships with the technology leaders of the future. StoreDot's corporate strategy to drive electrification and zero-carbon mobility coincides with Volvo Cars' strategy. We are delighted that we have been able to work together to bring this pioneering technology to market. ”
As one of the industry's most important electrification transformation strategies, Volvo Cars will launch a new range of pure electric models in the coming years. At the same time, Volvo Cars continues to reduce carbon emissions across the value chain and aims to become a climate-neutral benchmark by 2040.
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