StoreDot Gets Investment from Volvo Tech Fund
StoreDot asks you to imagine a future where a high-capacity battery that’s made from organic compounds can charge from nearly empty to nearly full in under 30 seconds. But, there’s a catch to this imagination game: StoreDot’s already made one.
I want to be clear— that organic battery that StoreDot promises will charge in just 30 seconds? It’s not for an EV, it’s for a cell phone. Still, that’s apparently impressive enough for pique the interest of Volvo Cars’ tech fund. And, before you dismiss the buy-in as frivolous, consider that StoreDot also mad a li-ion battery for an electric scooter that can fully charge in less than 5 minutes, which is pretty impressive!
Volvo hopes that, by applying StoreDot’s most advanced, high-speed battery charging technology to its own cars, they’ll be able to offer more than 100 miles of driving range for every 5 minutes of charging time (if not more). According to StoreDot, the typical electric car on sale today does the same trick in just under 20 minutes, with the very best in class offerings clocking in at about 12 minutes of charge time for every 100 miles of driving range added.
With its investment in StoreDot, Volvo Cars has secured access to any new EV tech that results from the company’s ongoing research. “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,” says 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.”
StoreDot’s pioneering battery development is centered around a unique silicon-dominant anode technology and related software integration– which translates roughly to, “we helped pay for it, so we get it first.”
The full cash value of Volvo Cars’ investment in the company was not disclosed.
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