Volvo has joined the list of StoreDot investors
Automaker Volvo Cars has invested several million dollars in StoreDot. Investments made through the Volvo Cars Tech Fund corporate venture fund became part of Round D, in which the startup was valued at $1.5 billion.
StoreDot technology provides 100 miles of charging in just five minutes. The startup plans to launch mass production of extremely fast charging batteries “100in5” in 2024.
The investment gives Volvo Cars the opportunity to work closely with StoreDot on the development of advanced battery technologies. Volvo Cars has become the first major automaker to commit to total electrification. It is planned that by 2025 electric vehicles will account for half of the global sales volume of the automaker, and by 2030 the company will produce exclusively electric cars.
The cooperation between the companies will mostly take place within the framework of a joint venture for the production of batteries, which Volvo Cars created last year together with Northvolt, a leading Swedish battery manufacturer.
“We strive to be the fastest on the path of transformation in our industry, and Tech Fund plays a crucial role in establishing partnerships with future technology leaders,” said Alexander Petrovsky, head of Volvo Cars Tech Fund. “Our investment in StoreDot fits into this concept perfectly, and their drive for electrification and carbon-free mobility aligns with our own goals. We are excited to make this collaboration successful for both sides and work to bring this revolutionary technology to market.”
Volvo is a luxury car brand owned by the Chinese automotive concern Geely Holding. The company manufactures and sells SUVs, station wagons, sedans and compact representation class sedans. Volvo’s sales market includes about 100 countries. In 2021, Volvo’s sales amounted to more than 698 thousand cars, 27% of them came from models of the Recharge line — Plug-in hybrids and electric cars. At the same time, sales growth of rechargable Volvo Cars models for the past year amounted to 63.9%.
Volvo Cars has joined an impressive list of manufacturers who have made investments in StoreDot and are implementing joint projects with the company:
- Daimler plans to use batteries for the future model of the Mercedes electric car.
- VinFast, a Vietnamese automaker affiliated with BMW, is also testing batteries for its electric cars. The company is shutting down the production of cars with internal combustion engines by the end of 2022 in order to focus on the production of electric vehicles.
- BP Ventures (British Petroleum) expects to implement StoreDot technical solutions in ultrafast charging stations for electric vehicles.
- EVE Energy plans to launch mass production of XFC battery cells in 2024.
- TDK integrates StoreDot technologies into the existing production of LIB batteries.