Volvo Cars grabs stake in ultra-fast charging battery developer StoreDot

Israeli battery developer StoreDot, the developers of promised ultra fast EV battery charging technology, has attracted Volvo Cars as an investor in its latest funding round.

Volvo Cars says it wants to work with StoreDot on new battery technologies, and fast-track its shift to mass production by 2024.

It joins a growing list of investors including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy attracted by StoreDot’s promise of a “two minute battery” – for adding 160kms in range – by 2032.

“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,” said Dr Doron Myersdorf, StoreDot CEO.

Volvo Cars already has a joint venture with leading Swedish battery company Northvolt which is reportedly targeting initial annual production in 2026 of 50GWh.

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

“Our investment in StoreDot is a perfect fit for that mindset and its commitment to electrification and carbon-free mobility matches our own.”

StoreDot’s battery technology is built around a unique silicon-dominant anode technology and related software integration which provides extreme fast charging.

The company announced in March that it was on track to deliver mass production of batteries capable of charging 160 kilometres (100 miles) of range in 5 minutes by 2024 – StoreDot’s catchy “100in5” target.

However, StoreDot’s ‘100in5’ is only the first step on the company’s current development trajectory, with plans to deliver a battery with a 2-minute charge time for 100 miles (160 kilometres) by 2032.

At the beginning of 2021 the company unveiled engineering samples of its first-generation 5-minute charge battery which the company claimed proved the commercial viability of its extreme fast-charging battery technology.

The company subsequently unveiled in September a fast-charging cylindrical battery cell in the style of Tesla’s 4680 battery cell that it claims can be fully charged in 10 minutes.

StoreDot has also pioneered a new self-repairing battery cell technology that is able to regenerate underperforming battery cells while they are in use.