Volvo Teams Up With StoreDot on Future Battery Tech

Volvo Cars has made an investment in StoreDot, an Israeli company developing extreme-fast-charging battery technology for electric cars, through the Volvo Cars Tech Fund, its venture capital arm. StoreDot is working on a pioneering technology that, according to the company, should result in batteries that can charge to 99 miles (160km) of pure electric range in just five minutes. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on exciting new battery technology, as it aims to become a pure electric car company by 2030.

By working together with Volvo Cars, StoreDot aims to accelerate the time to market for its technology and it targets mass production by 2024. Volvo Cars is the first premium car maker to invest in StoreDot.

“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 towards bringing this groundbreaking technology to the market.”

ANODE TECH

StoreDot’s pioneering battery development is centred around a unique silicon-dominant anode technology and related software integration. It aims to develop extreme-fast-charging battery technology, which closely aligns with Volvo Cars’ ambition to develop electric cars with a longer range, quicker charging and lower costs.

What is silicon anode tech? In a nushell using silicon nano-composite anode allows the lithium cells to charge faster, as it’s a more efficient contact point. But the trade-off is silicon tends to swell, so more research is needed to make the anode stable and safe in all weathers and climate conditions.

As part of the approximately 30 billion SEK investment in the joint venture, both companies are establishing a joint R&D centre and a battery manufacturing plant in the Gothenburg area in Sweden. Together, the facilities will create more than 3,000 new jobs and pave the way for Volvo Cars’ ambitious electrification strategy.

In the coming years, Volvo Cars plans to roll out a whole new family of pure electric cars, one of the industry’s most ambitious electrification plans. Its transition to all-out electrification is part of its ambition to become a climate-neutral company by 2040, as it works to consistently cut carbon emissions across its business.

About alastair walker 8709 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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