Volvo Cars has made an investment in StoreDot, an Israeli company developing extreme-fast-charging battery technology for electric cars.
The undisclosed amount, made through its venture capital arm Volvo Cars Tech Fund, will help StoreDot develop its unique silicon-dominant anode technology and related software integration.
According to StoreDot, this should result in batteries that can charge to 99 miles of pure electric range in five minutes.
By working with Volvo Cars, the firm aims to accelerate the time to market for its technology and it is targeting mass production by 2024.
Volvo Cars, which aims to sell only pure electric cars by 2030, is the first premium car maker to invest in StoreDot.
The collaboration will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, the Swedish battery maker.
Through its investment in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
As part of the joint venture, both companies are establishing a joint R&D centre and a battery manufacturing plant in Gothenburg, Sweden.
Alexander Petrofski, Head of the Volvo Cars Tech Fund 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 perfectly fits that mindset, and their commitment to electrification and carbon-free mobility matches our own.
“We’re excited to make this a successful collaboration for both parties and work towards bringing this groundbreaking technology to the market.”