Polestar announced its first financial investment in another company, StoreDot— a startup promising extremely fast EV charging tech.
StoreDot promises a future where a battery made from organic compounds can charge from zero to nearly full in under 30 seconds … and if this all sounds familiar, that’s probably because you’ve been paying attention.
Volvo Cars made a similar investment in StoreDot in April, which secured access to any new EV tech that resulted from StoreDot’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,” 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.”
Polestar, which spun off from Volvo into its own entity late last year, seems to have negotiated a similar deal. “As part of the strategic deal, Polestar is collaborating with StoreDot to explore adapting and applying their technology to proof-of-concept Polestar cars. Test cases already being explored include customizing StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity.”
StoreDot recently demonstrated the “100in5” technology for a 20 Ah battery cell. That demonstration showed that it was possible to go from 0-80% charge in roughly 9 minutes— which, in some EVs, translates to more than 200 miles of driving.
StoreDot’s pioneering battery development is centered around a unique silicon-dominant anode technology and related software integration. The full cash value of Polestars’ investment in the company was not disclosed.
SOURCE | IMAGES: POLESTAR.
