StoreDot is on track to begin mass producing its ‘100in5’ cells as early as 2024, achieving 100 miles of charge in just five minutes.
Volvo Cars was the first established car maker to commit to all-out electrification and aims to sell only pure electric cars by 2030. As early as 2025, the company is aiming for half of its global volume to consist of pure electric cars.
“We are moving closer to the mass production of our batteries and this investment from Volvo Cars Tech Fund is yet another huge vote of confidence in StoreDot and our mission” said Meir Halberstam, StoreDot CFO. “It represents a significant and high-profile element of our current Series D funding round. This gives us the financial firepower to bring our revolutionary batteries to market quicker and boost ongoing R&D into solid-state technologies.”
Alexander Petrofski, Head of Volvo Cars Tech Fund, added that Volvo Cars is aiming to be the fastest transformer in the automotive industry and that the Tech Fund plays a crucial role in establishing partnerships with future technology leaders.
“Our investment in StoreDot is a perfect fit for that mindset and its commitment to electrification and carbon-free mobility matches our own” Mr Petrofski said. “We are excited to make this collaboration successful for both parties, working towards bringing this groundbreaking technology to the market.”
The new funding comes as part of StoreDot’s Series D investment round. Volvo Cars joins Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy, among others on the company’s list of global investors. StoreDot is currently working with many global automotive manufacturers, to power next generation electric vehicles. It is already shipping advanced ‘100in5’ cells for them to undertake real-world testing.
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