Volvo, going all-electric from 2030, is investing in Israeli startup StoreDot – a company working towards EV batteries that can take on a claimed 160km of range in five minutes.
The investment comes through the Volvo Cars Tech Fund, its venture capital arm.
Dubbed ‘100in5’, StoreDot’s under-development technology is slated for 2024 production, and is apparently already in “real-world testing by leading automotive manufacturers”.
The new battery tech is silicon-based, with a target gravimetric energy density of around 300Wh/kg. For context, the current Chinese-built Tesla Model 3 with the lithium iron phosphate battery pack has a gravimetric energy density of 125Wh/kg.
To put that into simpler terms, a 100in5 battery is said to gain 100 miles (160.9km) of driving range in a mere five minutes of charging, according to StoreDot. It’s unclear what the maximum charging speed of this battery is, nor the battery size.
StoreDot already has existing partnerships with Mercedes-Benz, VinFast, BP, TDK, Ola Electric and EVE.
Meanwhile Volvo’s new investment in the Israeli firm bolsters its previous 30 billion SEK ($A4.26 billion) investment in Swedish battery maker Northvolt, during 2021.
Beyond this, StoreDot is aiming to release its ‘100in3’ solid-state battery in 2028, with a target gravimetric energy density of approximately 450Wh/kg. Beyond 2030 it aims to be developing a post-lithium battery called ‘100in2’ with a gravimetric energy density above 550Wh/kg.
Volvo’s investment in StoreDot gives it “secure access” to any resulting technology that it can implement in its future all-electric cars.
However Northvolt is still going to focus on both the development and manufacturing of battery cells for next-generation all-electric Volvo and Polestar cars.
Volvo has previously announced its going all-electric by 2030 and will sell its vehicles online by this time. It also expects to derive at least half of its global sales from EVs by 2025.
Volvo’s first all-electric model, the XC40 Recharge Pure Electric SUV, first arrived locally during mid-2021 and is currently available in both single- and dual-electric motor set-ups.
The related C40 Recharge coupe SUV is set to touch down on Australian soil in the third quarter of 2021 and will also be available in both single- and dual-electric motor set-ups.
Both of these vehicles are built on the CMA platform which also underpins the Polestar 2 electric liftback.