Start Volvo partners with startup StoreDot to produce extremely fast-charging batteries

Volvo partners with startup StoreDot to produce extremely fast-charging batteries

April 26, 2022 10:33 am to 10:33 am
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Photo | Volvo/Disclosure

With the aim of accelerating the arrival of super batteries for electric cars, Volvo closed an investment partnership with StoreDot, making the product reach the market in mid-2024.

Volvo Cars, through its venture capital division Volvo Cars Tech Fund, announced last Friday (22) that it is making investments in the Israeli company StoreDot, which develops high-performance batteries for electric cars. The Swedish automaker has not yet provided details on the amount that will be invested. It is worth remembering that, in addition to Volvo, StoreDot also has other investors such as VinFast, daimler, BP, Ola Electric, TDK and Samsung Ventures. The Israeli startup works with silicon anode battery cells, which can be charged very quickly.

Extremely Fast Charging Batteries for Electric Cars May Arrive Sooner

5 Minute Fast Charging for EVs | Interview with the CEO of StoreDot – Reproduction/Youtube

With this investment, Volvo is guaranteeing its access to this technology and, in addition, the partnership between StoreDot and the Swedish automaker was able to reduce the time to market launch of the miracle battery.

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THE StoreDot announced last week that "silicon-dominated XFC battery cells" will be launched in 2024. The acronym XFC stands for Extreme Fast Charging. In place of the common graphite anode, lithium-ion batteries have a silicon anode made with nanotechnology, where inorganic and organic materials are also incorporated.

With these batteries for electric cars, it will be possible to recharge, in just 5 minutes, about 160 km of autonomy. To get an idea, a Lucid Air, with 900 volt battery technology, should recharge 480 kilometers of autonomy in about 20 minutes, and in 5 minutes it would be 120 km.

The cooperation between Volvo and StoreDot will mainly take place as part of the joint venture between Norhvolt and Volvo. THE joint venture was established in 2021 and is currently building a battery factory in Gothenburg capable of producing 50 GWh per year.

Concept Recharge and XC90 could be Volvo's first electric cars to receive the new batteries

In addition to cell production, the joint venture will also develop modern batteries, and to make this possible, a separate Research and Development Center is being set up in Gothenburg.

As was to be expected, the Volvo has not yet disclosed which electric cars will receive the new StoreDot batteries. In a press release, an image is attached that apparently shows the Concept Recharge. However, the production version corresponds to the successor of the XC90, which will probably be called Embla and will start to be marketed as early as next year.

However, StoreDot's technology will only be available from 2024 onwards. Soon after, the Polestar 5 would be another electric car model that could receive batteries. The vehicle is due to launch in 2024 on the market, and is apparently designed as a high-tech car on a standalone platform. The electric model should also receive extremely powerful motors and 800-volt technology.

Swedish automaker pronounces on the new partnership

According to Volvo, the aim is to be the fastest transformer in the industry, and the Tech Fund plays an essential role in forging partnerships with future leaders in the technology sector.

The partnership with the electric battery company will also help the Swedish brand to reach the goal of turning half of its sales into electric vehicles by 2025, and allowing the entire fleet to be made up of these vehicles by the next decade.

Compared to current batteries, the component of Volvo's electric car, the XC40, which was very successful in 2021, is 78 kWh. According to the company, this delivers a range of 418 km, taking around 40 hours to charge from a 220V outlet.

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