Volvo is betting big on electrification as the electrical current toward the 2030s continues to surge.
Volvo Cars
Volvo Cars Tech Fund, the automaker’s venture capital branch, has invested $3.1 billion in StoreDot, an Israeli company developing extremely fast-charging battery technology. Volvo Cars, which aims to become a wholly electric car company by 2030, is the first premium car maker to invest in StoreDot.
According to StoreDot, its technology makes it possible to charge an electric vehicle (EV) to 160 km of pure energy range in just five minutes - the same time refueling a conventional combustion engine takes. Transforming the standard Lithium-ion battery, the new technology centers on a unique silicon-dominant anode technology and related software integration. StoreDot expects mass production of its technology by 2024.
The Volvo-StoreDot collaboration will work in conjunction with a 2021 joint venture Volvo Cars began with Northvolt, a leading Swedish batter maker. The joint venture focuses on both development and manufacturing of state-of-the-art battery cells, specifically for use in next-generation pure-electric Volvo and Polestar cars.
As part of their alliance, Volvo and StoreDot will establish a joint R&D center and battery manufacturing plant near the Swedish seaport of Gothenburg.
Cindy Brauer
Former Managing Editor
Cindy Brauer is a former managing editor for Bobit Business Media’s AutoGroup. A native of Chicago but resident of Southern California since her teens, Brauer studied journalism and earned a communications degree at California State University Fullerton. Over her career, she has written and edited content for a variety of publishing venues in a disparate range of fields.
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