Swedish all-electric automotive brand, Polestar, has invested in extreme fast charging developer StoreDot.
The new partnership will see Polestar exploring the potential of using StoreDot’s extreme fast charging technology in its future cars.
StoreDot expects to ramp up production of its ‘100in5’ batteries in 2024. The silicon-dominant batteries promise to give a vehicle 100 miles of range after just five minutes charging.
Polestar CEO, Thomas Ingenlath, said: “Charging and range anxiety are common concerns holding owners of combustion engine cars back from making the switch to EVs. StoreDot’s advanced battery technology potentially provides real solutions to these obstacles. If our current pilot projects with StoreDot are successful, we could see these solutions being implemented in Polestar cars by 2026.”
StoreDot’s longer-term technological ambitions include batteries capable of reaching 100 miles range after just two minutes of charging.
Dr Doron Myersdorf, StoreDot CEO “We are thrilled to be entering into an agreement with Polestar. Like us, Polestar is an ambitious brand which is already proving to be pivotal in the mass adoption of electric vehicles, helping the global transition to a cleaner, zero-emissions world.”
StoreDot CFO, Meir Halberstam, said: “This is yet another significant vote of confidence in StoreDot and our market-leading extreme fast charging battery. This investment from one of the pioneering electric vehicle brands is an important step in our commercialization process. It will not only enable us to bring the ground-breaking ‘100in5’ batteries to market quicker, but also boost our R&D capabilities.”
The new funding comes as part of StoreDot’s Series D investment round. They have secured support from a number of other large companies, including Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.
StoreDot says it is currently working with several other global automotive manufacturers, who might be interested in the company’s extreme fast charging technology in future.