Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic investment in Israeli EV battery startup StoreDot, the company announced Tuesday.
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StoreDot says it 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, said, "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 carmaker to commit to all-out electrification and aims to sell only pure electric cars by 2030. The company aims for half of its global volume to consist of pure electric cars as early as 2025.
Head of Volvo Cars Tech Fund Alexander Petrofski said, "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."
StoreDot CEO Dr. Doron Myersdorf said, "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."
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