Swedish electric car manufacturer Polestar has become a shareholder of the Israeli startup StoreDot. In addition to financial investments, the company plans to explore the possibility of using StoreDot fast-charging silicon batteries for future Polestar vehicles.
Founded by Volvo Cars and Geely Holding in 2017, Polestar is not the first automaker to bet on the developer of extremely fast charging technology (XFC).
The list of major investors and strategic partners of StoreDot already includes Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy in addition to Polestar.
“Polestar can help design a plan for the development of new battery technology for the automotive industry and provide invaluable expertise in terms of a brand focused on performance and reliability parameters,” said Thomas Ingenlath, CEO of Polestar.
“Concerns about charging and power reserve are common problems that keep owners of cars with internal combustion engines from switching to electric vehicles. StoreDot’s advanced battery technology probably provides a real solution to these problems. If our pilot projects with StoreDot are successful, we will be able to implement these solutions in Polestar cars by 2026,” Thomas Ingenlat continues.
Meir Halberstam, Chief Financial Officer of StoreDot, said: “The investment of one of the innovative brands of electric vehicles is an important step in our commercialization process. It will not only allow us to bring innovative “100in5″ batteries to the market faster, but also expand our capabilities in the field of research and development. We are rapidly moving towards even more revolutionary technologies and are focused on offering a 100-mile range in just two minutes of charging in a decade.”
Currently, Polestar cars are available in the markets of Europe, North America, China and the Asia-Pacific region. The company plans that its electric cars will be presented in thirty countries by 2023. Polestar production is located at two factories in China, and in the future it is planned to open new facilities in the United States.
Polestar has released two electric vehicles: a low—volume electric hybrid GT Polestar 1 and a fastback Polestar 2 – an all-electric car with a large capacity. Since 2022, Polestar plans to produce one new model per year, starting with the Polestar 3, the company’s first electric SUV. The Polestar 4, a compact coupe SUV with electric features, is expected to follow in 2023.
StoreDot is currently working on create next-generation electric vehicles with several global car manufacturers, supplying them with advanced “100in5” battery cells for testing in real environment.
Since July 2021, StoreDot shares have been in the portfolios of Veligera Capital investors.
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