Volvo is pursuing an ambitious electrification plan that will see it become an all-electric brand by 2030. To that end, it is also investing heavily in the battery sector. As we know, the automaker has created a joint venture with Northvolt through which a battery research and development center and a cell factory will be built.
Now comes some interesting news. The developer, through the Tech Fund, its venture capital arm, invested in StoreDotan Israeli company we’ve talked about several times that is developing extremely fast charging technology for electric car batteries.
Volvo recalls that this company is working on a technology that should lead to the creation of batteries that can recharge and reach up to 160 km of autonomy in just five minutes. Thanks to this investment, Volvo will be able to work closely with StoreDot on this new technology.
The Israeli company, thanks to Volvo’s collaboration, plans to accelerate the time to market of its batteries, reaching series production by 2024. With its investment in StoreDot, Volvo have secure access to any technology resulting from the collaboration. The two companies will work together as part of the joint venture that Volvo formed with Northvolt last year.
The news is very interesting because it shows how Volvo is investing heavily in developing the next-generation batteries it will use in its electric cars. Therefore, it will be important to find out how the manufacturer can integrate StoreDot technology into batteries developed with Northvolt. Alexandre Petrofskihead of the Volvo Cars Tech Fund, said:
We aim to be the fastest converter in our industry and the Tech Fund plays a vital role in partnering with future technology leaders. Our investment in StoreDot fits perfectly into this logic and its commitment to electrification and zero-emission mobility coincides with ours. We look forward to making this collaboration a success for both parties and are happy to work to bring this innovative technology to market.