The strategic investment was made through the Volvo Cars Tech Fund, the carmaker’s venture capital arm. Financial details were not disclosed.
The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on exciting new battery technology, as it aims to become a pure electric car company by 2030, the companies said.
StoreDot is working on pioneering tech that “should result in batteries that can charge to 160km of pure electric range in just five minutes,” according to the announcement.
Volvo Cars is the first premium carmaker to invest in StoreDot.
By working together with Volvo Cars, StoreDot said it aims to accelerate the time to market for its technology and it targets mass production by 2024.
The collaboration between both companies will mainly take place within the battery technology joint venture that Volvo Cars established last year with Northvolt, the Swedish leading battery maker.
Through its investment in StoreDot, Volvo Cars has secured access to any resulting technology from the collaboration.
“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.”
Founded in 2012, StoreDot has developed lithium-ion batteries for electric vehicles that enable extremly fast-charging in just minutes.