Polestar announced on Tuesday the investment in the extreme fast charging battery company StoreDot. The Israel-based company aims to produce batteries for electric vehicles capable of charging up to 99 miles of range in just five minutes by 2024. StoreDot is Polestar’s first investment as both companies seek to explore the technology for future Polestar cars.
“StoreDot’s advanced battery technology aligns with Polestar’s strategy of leveraging broader innovative industry partners to drive advancements in electric mobility”, the company said.
“Polestar can help shape the development of new battery technology for the automotive industry and provide invaluable insights from the perspective of a brand focused on performance and sustainability,” says Polestar CEO, Thomas Ingenlath.
As part of the strategic deal, Polestar is collaborating with StoreDot to explore adapting and applying their technology to proof-of-concept Polestar cars. Test cases already being explored include customising StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity.
“Charging and range anxiety are common concerns holding owners of combustion engine cars back from making the switch to EVs. StoreDot’s advanced battery technology potentially provides real solutions to these obstacles. If our current pilot projects with StoreDot are successful, we could see these solutions being implemented in Polestar cars by 2026,” continues Thomas Ingenlath.
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StoreDot CEO, Dr Doron Myersdorf, adds: “We are extremely excited to be entering into an agreement with Polestar, both as an investor and collaborator. Like us, Polestar is an extremely ambitious, innovative brand and is already proving to be pivotal in the mass adoption of electric vehicles, helping us move to a cleaner, zero-emissions world. We are looking forward to working together and we know that our technologies have huge potential to eradicate charging and range anxieties for future Polestar owners.”
The EV manufacturer filed on Monday the Amendment Number 8 with the SEC towards its merger with Gores Guggenheim. Recently, the company said the merger process is expected to be closed in the first half of the year.
“Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022,” Polestar recently said.
After announcing the launching in Portugal on Friday, Polestar arrives now Spain with the first test drives of the Polestar 2 model starting on Tuesday, May 24, in Madrid and on June 1 in Barcelona. The model starts at €46,190 and the first units are expected to arrive the country in October.
Since the beginning of the year, the Swedish electric vehicle maker expanded to 4 new markets increasing its global presence to 23 markets, seven away from its target of 30 markets in aggregate by the end of 2023.