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Minimalist luxury automaker Volvo – the one with aspirations of being a full EV company by 2030 – has now proverbially and literally bought in to the super-fast-charging game. Occupying the automaker’s venture capital seat, the Volvo Cars Tech Fund just announced it’d invested in StoreDot, an Israeli company intent on creating an extremely fast-charging battery.
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How fast, you ask? It’s gunning for EV batteries that can add approximately 160 km of pure electric range in just five minutes, which, if successful, would keep EVs in motion much more frequently.
With Volvo being the first of StoreDot’s partners, it helps with the latter company’s goal of being mass-market by 2024.
Put simply, StoreDot’s innovation is based on a unique silicon-dominant anode technology and related software integration. Volvo’s part in this is its own goal to create EVs with longer range, faster charging, and reduced costs for consumers.
In a patriotic and strategic play, Volvo Cars had previously partnered with Northvolt, Sweden’s leading battery maker, in 2021, in a 30-billion SEK (that’s Swedish krona, about CDN$3,967,418,000) joint venture. Both companies are together creating an R&D centre and a battery manufacturing plant in the Gothenburg area, creating over 3,000 jobs.
Add in the StoreDot investment, and it looks like Volvo Cars is pretty securely sitting on a tonne of new technology, thanks to its collaborations.
The timing is right, and there’s a bit of a rush, since Volvo wants to have 50 per cent of its global cars to be EVs by 2025. If only assembling Ikea furniture could happen that quickly.
Volvo partners up to develop super-fast EV-charging tech - Driving
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