StoreDot, an Israeli startup developing extreme fast charging technologies for electric vehicles, has entered a strategic partnership with Polestar after the latter invested in Storedot, the company announced Tuesday.
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Polestar will investigate the possibility of utilizing StoreDot's extreme fast charging silicon-dominant batteries for future Polestar cars. StoreDot is on track to begin mass producing its '100in5' technology as early as 2024, achieving 100 miles of range in just five minutes of charging.
StoreDot CFO Meir Halberstam said the new partnership was "an important step in our commercialization process. It will not only enable us to bring the groundbreaking '100in5' batteries to market quicker, but also boost our R&D capabilities. We are rapidly moving towards even more game-changing technology and are laser-focused on offering 100 miles of range in just two minutes of charging, within a decade."
Thomas Ingenlath, Polestar CEO, 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."
The new funding comes as part of StoreDot's Series D investment round and puts Polestar on a list of global investors in StoreDot that includes Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.
