Volvo Cars has signed a multi-year strategic partnership agreement with ultra-fast charging (XFC) battery manufacturer StoreDot.
Last year, a division of Volvo Cars, the Volvo Cars Technology Fund, invested heavily in the work of StoreDot, which Alexander Petrofski, head of the Volvo Cars Technology Fund, said at the time:Our goal is to be the most rapid evolution in our industry, which is why the Tech Fund plays an important role in developing partnerships with the technology leaders of the future. Our investment in StoreDot fits perfectly with this way of thinking, as their commitment to electrification and carbon-free mobility is the same as ours. We are excited to make this a mutually successful partnership and bring this ground-breaking technology to market.“
The initial partnership appears to be successful, as Volvo Cars and StoreDot are laying the groundwork even further for their strategic partnership to develop optimized XFC battery cells for Volvo’s future electric vehicle architecture. These new types of battery cells are expected to enter Volvo’s test vehicles in 2024.
Javier Varela, Chief Operating Officer and Deputy CEO of Volvo, said: “Volvo Cars is already a strategic investor in StoreDot, but this newly agreed partnership takes our relationship one step further. We are excited to work together on the development of battery cells for our future electric vehicles. There is still a lot of work ahead of us, but the opportunity great things are opening up before us. We can’t wait to try the fruits of our labor in the real world.”
In January, StoreDot announced it was opening a research center in Irvine, California — its first in the United States. The new lab facility will be used to accelerate StoreDot’s non-volatile battery technology and battery materials research.