Volvo invests in ‘extreme-fast charging’ EV battery company StoreDot – 160 km range from 5 mins charge

Volvo Cars has made an investment in StoreDot, a company developing ‘extreme-fast charging battery technology’ for EVs. The undisclosed sum investment in the Israeli company was made through the Volvo Cars Tech Fund, the carmaker’s venture capital arm.

How fast is extreme fast? StoreDot says that it’s working on a pioneering technology that should result in ‘XFC’ batteries that provide up to 160 km of electric range with just five minutes of charging.

The XFC battery tech is centred around a unique silicon-dominant anode and related software integration. The battery cell architecture features a multi-layered safety-protection structure, and it runs on patented bio-inspired nanomaterials designed for longevity, with near-zero carbon.

Volvo invests in ‘extreme-fast charging’ EV battery company StoreDot – 160 km range from 5 mins charge

According to StoreDot’s roadmap, the silicon-based 300 Wh/kg battery will be ready in 2024, while a solid state 450 Wh/kg version will come out in 2028. The target for that one is 160 km in three minutes.

Volvo says that the investment gives it the opportunity to collaborate closely with StoreDot on exciting new battery technology, as it aims to become a pure electric car company by 2030. The move closely aligns with Volvo’s ambition to develop EVs with a longer range, quicker charging and lower costs. By working with Volvo, StoreDot aims to accelerate the time to market for its tech and it targets mass production by 2024.

Volvo says that it’s the first premium carmaker to invest in StoreDot and through this investment, it has secured access to any resulting technology from the collaboration. On the battery company’s website, the Swedish carmaker is on the “strategic partners and investors” list along with Mercedes-Benz, Vietnam’s VinFast, BP, Ola and TDK, among other big names.

Volvo invests in ‘extreme-fast charging’ EV battery company StoreDot – 160 km range from 5 mins charge

“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 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,” said Alexander Petrofski, head of Volvo Cars Tech Fund.

The collaboration between Volvo and StoreDot will mainly take place within the battery technology joint venture that Volvo established last year with Northvolt, the Swedish battery maker. That one will focus on both development and manufacturing of battery cells, specifically developed and tailor-made for use in next-generation pure electric Volvo and Polestar cars.

As part of the approximately 30 billion SEK (RM13.4 billion) investment in the JV, Volvo and Northvolt are establishing a joint R&D centre and a battery manufacturing plant in the Gothenburg area in Sweden.

Check out our review of Volvo’s first EV, the XC40 Recharge Pure Electric, launched early this month.

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