Volvo, through the Volvo Cars Tech Fund, announced on April 19 that has made a strategic investment in StoreDot, the pioneer of extreme fast charging technologies for electric vehicles. StoreDot 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 exciting new battery technology, as it aims to become a pure electric car company by 2030.
Meir Halberstam, StoreDot CFO
“We are moving closer to the mass production of our batteries and this investment from Volvo Cars Tech Fund is yet another huge vote of confidence in StoreDot and our mission. It represents a significant and high-profile element of our current Series D funding round. 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 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.
Alexander Petrofski, Head of Volvo Cars Tech Fund
“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. We are excited to make this collaboration successful for both parties, working towards bringing this groundbreaking technology to the market.”
Dr Doron Myersdorf, StoreDot CEO
“We are extremely excited and proud to be entering into a collaboration with a premium automotive brand. 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.”
The new funding comes as part of StoreDot’s Series D investment round. Volvo Cars is joining an impressive list of the company’s global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
StoreDot is currently working with many global automotive manufacturers, to power next generation electric vehicles. It is already shipping advanced ‘100in5’ cells for them to undertake real-world testing.
Volvo announced recently that delivered 58,677 vehicles in March 2022, a 22.1% decline year-over-year. When it comes to rechargeable vehicles, sales of Volvo Cars’ recharge models made up 35.5% of all Volvo cars sold globally during the month. Sales of fully electric cars made up 9.0% of total sales. In the first quarter, Recharge sales made up 33.6% of total sales, while fully electric cars made up 7.9 per cent.
Volvo’s CEO was among the invited CEOs to speech at the 8th China EV 100 (held in Beijing from March 25 to 27), being the first public appearance of Mr. Jim Rowan since he took up his new position at Volvo Cars.
Volvo Cars announced recently that is experiencing a temporary worsened production situation, expected to last throughout the second quarter due to lack of a specific type of semi-conductor. The company said that will work with suppliers and partners to resolve any disturbances to production and deliver vehicles to customers “as soon as possible”.