Volvo Cars has invested in StoreDot, an Israel-based electric vehicle battery startup, through its venture capital arm, Volvo Cars Tech Fund.
StoreDot claims that it’s on track to begin mass producing its “100in5” cells as early as 2024, which the company says can achieve 100 miles (160 km) of charge in five minutes. It’s already shipping the 100in5 cells for real-world testing.
Volvo is aiming to be 50% electric globally by 2025 and fully electric globally by 2030, so its investment in StoreDot enables it to collaborate on new battery technology.
Volvo’s and StoreDot’s collaboration will mainly take place within the battery technology joint venture that Volvo Cars established last year with Swedish battery maker Northvolt. By investing in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
Volvo’s new investment is part of StoreDot’s Series D investment round. Other companies that are investing in StoreDot include Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
Alexander Petrofski, head of the Volvo Cars Tech Fund, said:
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 [its] commitment to electrification and carbon-free mobility matches our own. We’re excited to make this a successful collaboration for both parties and work toward bringing this groundbreaking technology to the market.
Read more: StoreDot says that by 2024, its battery cells will achieve 100 miles of range after just five minutes of charging
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