Volvo Cars announced that it will invest in Israel’s StoreDot Company through the group’s venture capital division “Volvo Cars Tech Fund” to actively cooperate in the development of ultra-high-speed rechargeable batteries for electric vehicles.
StoreDot is currently actively developing a battery technology that can achieve 160 kilometers of battery life within 5 minutes of charging; after finding cooperation with VOLVO, this new technology is expected to mature faster and be put into the market. Mass production is expected in 2024 .
StoreDot and VOLVO will form a joint venture battery technology company in Sweden’s Northvolt in 2021, where the technical cooperation between the two parties is also ongoing. This time VOLVO invested in StoreDot, which is equivalent to ensuring that they can have the right to use the technology developed by the two parties.
StoreDot has unique silicon-based cathode technology and related software integration capabilities in battery development, and plays a key role in the development of ultra-high-speed rechargeable batteries. VOLVO previously announced that it will become an all-electric vehicle sales brand by 2030, and by 2025, electric vehicles will reach 50% of the number of new car sales in the world.
The next-generation ultra-high-speed rechargeable battery will be of great significance to promoting the popularization of the electric vehicle market and even the achievement of the VOLVO brand’s strategic goal of electrification.