Auto majors know that the battery tech is at the core of cracking the EV (electric vehicles) business. In the event, many of them are making sizable investments in companies that possess new and promising battery tech. The Israeli tech firm, StoreDot, which specialises in batteries with extreme fast charging (XFC) technology, seems to be one of the favourites of EV and battery companies. It has investments from India's Ola Electric, and also from Daimler, Samsung, BP, TDK, and EVE Energy and VinFast among others.
Now, global auto biggie Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic investment in StoreDot. The Geely-owned Swedish company is on a mission to be a pure electric car company by 2030.
But why is StoreDot so popular?
StoreDot is known for its extreme fast '10-Minute charge' EV battery technology and plans mass production in a couple of years and is also working on a '2-Minute charge' technology to be commercialised in the next 10 years. Its silicon-dominant anode technology is a significant improvement over the conventional lithium-ion batteries, and reduces EV charging times from hours to just 5 minutes, and in the process also delivers 100 miles of range (160 kilometres). StoreDot has already shipped to its automobile partners advanced '100in5' cells for them to undertake real-world testing.
Volvo's cooperation with StoreDot will primarily be through the Swedish company’s battery joint venture, which was established last year together with the Swedish cell manufacturer Northvolt.
The lastest investment also aligns with Volvo's goal of developing electric cars with greater range, shorter charging times and lower costs.
Dr Doron Myersdorf, StoreDot CEO, said: "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."
Meir Halberstam, StoreDot CFO, said of Volvo's investment: "This gives us the financial firepower to bring our revolutionary batteries to market quicker and boost ongoing R&D into solid-state technologies."
Volvo Cars is the first established car maker to commit to all-out electrification. As early as 2025, the company is aiming for half of its global volume to consist of pure electric cars.
