Volvo Cars invests in ultrafast battery maker StoreDot

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Volvo Cars has invested successful StoreDot, an Israel-based electrical conveyance artillery startup, done its task superior arm, Volvo Cars Tech Fund.

StoreDot claims that it’s connected way to statesman wide producing its “100in5” cells arsenic aboriginal arsenic 2024, which the institution says tin execute 100 miles (160 km) of complaint successful 5 minutes. It’s already shipping the 100in5 cells for real-world testing. 

Volvo is aiming to beryllium 50% electrical globally by 2025 and afloat electrical globally by 2030, truthful its concern successful StoreDot enables it to collaborate connected caller artillery technology.

Volvo’s and StoreDot’s collaboration volition chiefly instrumentality spot wrong the artillery exertion associated task that Volvo Cars established past twelvemonth with Swedish artillery shaper Northvolt. By investing successful StoreDot, Volvo Cars has secured entree to immoderate resulting exertion from the collaboration.

Volvo’s caller concern is portion of StoreDot’s Series D concern round. Other companies that are investing successful StoreDot see Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.

Alexander Petrofski, caput of the Volvo Cars Tech Fund, said:

We purpose to beryllium the fastest transformer successful our manufacture and the Tech Fund plays a important relation successful establishing partnerships with aboriginal exertion leaders.

Our concern successful StoreDot perfectly fits that mindset, and [its] committedness to electrification and carbon-free mobility matches our own. We’re excited to marque this a palmy collaboration for some parties and enactment toward bringing this groundbreaking exertion to the market.

Read more: StoreDot says that by 2024, its artillery cells volition execute 100 miles of scope aft conscionable 5 minutes of charging

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