Volvo Cars Tech makes key investment in StoreDot

StoreDot is currently working with many global automotive manufacturers and has begun shipping advanced ‘100in5’ cells for them to undertake real-world testing.

Autocar Professional BureauBy Autocar Professional Bureau calendar 19 Apr 2022 Views icon4777 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Volvo Cars Tech makes key investment in StoreDot

Volvo Cars, through Volvo Cars Tech Fund has made a strategic investment in Israel-based StoreDot, which is working on extreme fast charging technologies for electric vehicles.

Meir Halberstam, CFO, StoreDot 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 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 among the first OEMs to commit to all-out electrification and aims to sell only pure electric cars by 2030. In fact, the carmaker aims to have 50 percent of global sales as electrics by as early as 2025.

Alexander Petrofski, Head of 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 is a perfect fit for that mindset and its commitment to electrification and carbon-free mobility matches our own.”

Dr Doron Myersdorf, CEO, StoreDot (pictured)  said, “Volvo Cars’ commitment to zero emissions electric vehicles fits perfectly with our 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.”

According to Myersdorf, StoreDot aims to offer global OEMs a clear technology roadmap that will start with ‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade when it is on track to achieve 100 miles in two minutes of charge.”

The new funding comes as part of StoreDot’s Series D investment round. Volvo Cars joins global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy who have invested in the Israeli-based company.

StoreDot is currently working with many global automotive manufacturers and has begun shipping advanced ‘100in5’ cells for them to undertake real-world testing.

RELATED ARTICLES
Hyundai unveils next−gen highly efficient hybrid system

auther Autocar Professional Bureau calendar22 Apr 2025

The next-gen hybrid system is claimed to offer 45% better fuel efficiency and 19% more power compared with ICE powertrai...

Horse Powertrain reveals hybrid conversion for electric cars

auther Autocar Professional Bureau calendar19 Apr 2025

Engine-making joint venture of Geely and the Renault Group announces new hybrid powertrain that fits into the same space...

Aisin to produce hybrid motor for Mitsubishi in Thailand

auther Autocar Professional Bureau calendar06 Apr 2025

The hybrid drive motor and gearbox, will be produced at Aisin Powertrain (Thailand) Co for use in the Mitsubishi XForce ...