Volvo and Storedot deepen ties
The Sino-Swedish automaker and Israeli battery challenger build on 2022 investment
Gothenburg-headquartered Volvo Cars and Israel’s Storedot have signed a collaboration agreement aimed at developing fast charging battery technology.
The tie-up is “another example of succesful collaboration with our portfolio companies”, says Alexander Petrofski, CEO of the OEM’s venture capital arm the Volvo Cars Tech Fund. It made a strategic investment in Storedot in April of last year.
“We are excited to extend our successful partnership with Storedot with a collaboration agreement for next generation battery cells. This will be key to Storedot’s pioneering battery development centred around a unique silicon-dominant anode technology and related system and software integration,” says Volvo COO Javier Varela.
He hopes the increased cooperation will help Volvo “develop electric cars with a longer range, quicker charging and lower costs".
Storedot is working on a pioneering technology that, according to the company, should result in batteries that can charge to 160km of pure electric range in just five minutes, Volvo said at the time of its April 2022 investment.
By working together with Volvo, Storedot aimed to accelerate the time to market for its technology, targeting mass production by 2024, it said at the same time. Collaboration between both companies was foreseen to mainly take place within the battery technology joint venture that Volvo established in 2021 with Swedish battery maker Northvolt.