- Volvo invests in Israeli company StoreDot, which promises EV battery technology with much faster charging speeds than current batteries allow.
- The companies plan to begin mass production of this battery type in 2024, along with battery specialist Northvolt.
- Volvo and other automakers are investing in solid-state and other new battery technologies that promise to speed up recharge times.
While some EV makers see battery swap stations as the solution to getting hundreds of miles worth of range in just minutes, others are staking faster charging tech. Volvo is among the latter and has just invested in Israeli battery specialist StoreDot, which is working on technology that should result in EV batteries that can add 100 miles of range in just five minutes.
That’s the promise of StoreDot’s extreme-fast charging battery strategy, which relies on a unique silicon-dominant anode technology and software. The “100in5” cells, as the company calls them, are already being tested in EVs and are expected to enter production in 2024. That’s just around the corner, in industry timeframes, and just a year before Volvo expects battery-electric models to account for half of its sales.
The automaker invested in the company through its venture capital arm Volvo Cars Tech Fund.
“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,” said Alexander Petrofski, head of the Volvo Cars Tech Fund. “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.”
Of course, mass production is one thing, and all new Volvo models featuring this battery technology starting in 2024 is quite another. So the switch to this new formula may not happen overnight. But the promise of charging speeds of this sort could be a game changer in the industry, putting those who do not have it at a significant disadvantage.
“To ensure EV battery safety and stability, our battery-cell architecture features a multi-layered safety-protection structure. It runs on patented bio-inspired nanomaterials designed for longevity, with near-zero carbon,” StoreDot says.
The company is also working on solid-state batteries, with the goal of allowing an EV to obtain 100 miles of range in just three minutes by 2028.
These are ambitious technical targets and aggressive timelines, ones that will also rely on charging stations capable of delivering that much juice that quickly.
Volvo says its collaboration with StoreDot will occur mostly as part of its technology joint venture with Swedish battery maker Northvolt, which will produce cells for Volvo and a number of other automakers that have invested in StoreDot.
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