Israeli company StoreDot, which is developing extreme fast charging (XFC) battery technology for electric vehicles, has announced that it has received a strategic investment from Volvo Cars, through the Volvo Cars Tech Fund. The investment is part of StoreDot's Series D investment round of up to $80 million, led by Vietnamese electric vehicle manufacturer VinFast, which was announced in January. Other investors include Daimler, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
Herzliya-based StoreDot reported that it is on track to begin mass producing its '100in5' cells as early as 2024, achieving 100 miles of charge in just five minutes. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on its battery technology, as it aims to become a pure electric car company by 2030.
In addition to Volvo, StoreDot is working with many global automotive manufacturers, to power next generation electric vehicles and it has already shipped advanced '100in5' cells for them to undertake real-world testing. Chosen as "Globes" startup of the year in 2015, StoreDot was founded by CEO Dr. Doron Myersdorf with Prof. Simon Litsyn, formerly chief scientist at Sandisk, and Prof. Gil Rosenman.
StoreDot CEO Dr Doron Myersdorf said, "Volvo Cars' commitment to zero emissions electric vehicles is hugely impressive and one that fits perfectly with StoreDot's mission. We are working to ensure that EV drivers will never have to be concerned with anxiety over charging times, currently the major barrier to EV ownership and a cleaner world. StoreDot is also offering global OEMs a clear technology roadmap that will start with '100in5' silicon-dominant batteries by 2024 but extends into the next decade when we are already on track to achieve 100 miles in two minutes of charge."
Volvo Cars was the first established car maker to commit to all-out electrification and aims to sell only pure electric cars by 2030. As early as 2025, the company is aiming for half of its global volume to consist of pure electric cars.
Volvo Cars Tech Fund head Alexander Petrofski 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 is a perfect fit for that mindset and its commitment to electrification and carbon-free mobility matches our own."
Published by Globes, Israel business news - en.globes.co.il - on April 19, 2022.
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