Volvo has signed a multi-year strategic cooperation agreement with StoreDot, an Israeli manufacturer of “XFC” (“Extreme Fast Charging”) batteries for electric vehicles. The two companies’ teams will work together to develop XFC cells optimized and tailored for Volvo’s future EV architectures, according to electrek. It is expected that the first samples for testing will come in 2024.
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Volvo is a strategic investor in StoreDot
Javier Varela, Chief Operating Officer and Deputy CEO of Volvo, said of the partnership: “Volvo Cars is already a strategic investor in StoreDot, but this newly agreed collaboration takes our relationship one step further. We are pleased to work together to develop advanced model cells for our future electric vehicles. There is still a lot to do, but the opportunities to develop exciting new charging technologies together are enormous.”
StoreDot was launched in 2012 and has since established itself internationally with its XFC batteries. Last year, the company was able to raise around $80 million in a financing round, achieving a valuation of $1.5 billion. In addition to Volvo, StoreDot’s strategic investors include Polestar, Daimler, Samsung, VinFast and TDK.
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160 km range with a charging time of five minutes
In April, VinFast announced that StoreDot’s first generation of XFC battery cells will be used in its electric cars when they become commercially available in 2025. In January, StoreDot announced it would open a research facility in Irvine, California, its first in the United States. The new laboratory facility is intended to accelerate the development of semi-solid battery technology and research into battery materials.
The Israeli company’s first laboratory is located in Herzliya, Israel, and it has production facilities in China and Korea. StoreDot says it will be ready for mass production of its “100in5” cells by 2025. These cells should provide a range of at least 100 miles (around 160 kilometers) with a charging time of five minutes.