Swedish firm Volvo has made a strategic investment in fast-charging battery technology firm StoreDot, which is aiming to offer lithium-ion cells capable of accepting 100 miles of range in five minutes of charging by 2024.
The investment has been made by the car firm’s venture capital arm, the Volvo Cars Tech Fund, and gives Israeli firm StoreDot another high-profile financial partner. The firm has already attracted investment from car firms including Daimler, Ola Electric and VinFast.
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StoreDot is working on what it calls ‘extreme fast charging’ batteries, and has previously outlined its ‘100inX’ roadmap to develop a battery that can accept 100 miles of charge in two minutes by 2032. The first step to that goal is the ‘100in5’ lithium-ion battery cells, which is it aiming to put into production by 2024.
Volvo currently offers two electric cars, the Volvo XC40 Recharge and Volvo C40 Recharge, and has committed to becoming an electric-only brand by 2030. Alexander Petrofski, the head of the Volvo Cars Tech Fund, said that scheme plays “a crucial role in establishing partnerships with future technology leaders.”
Petrofski added: “We are excited to make this collaboration successful for both parties, working towards bringing this groundbreaking technology to the market.”
The Volvo Cars Tech Fund is tasked with investing in and aiding firms developing technology that could be used on future Volvo models. It has previously invested in Swiss lightweight materials firm Bcomp, optical imaging firm Spectralics and blockchain technology firm Circular.
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