StoreDot covers a new battery technology that can charge electric car batteries up to 100 miles within five minutes. Volvo is investing 2.9 billion euros (30 billion Swedish titles) in startups. “The investment is in line with Volvo’s goal of selling exclusive electric vehicles by 2030,” it says. statement† That is five years before the European Union set it as a guide.
Bulk production in 2024
StoreDot aims to have a technology market ready for mass production by 2024. The partnership between StoreDot and Volvo will take place within the battery technology partnership that Volvo launched last year with Northvolt, a Swedish battery manufacturer.
How does it work?
StoreDot technology relies on silicon nanoparticles. These particles help increase battery density, shorten charging time and make it possible to produce smaller and more powerful batteries. In the future, this technology may simplify battery replacement, which is already done China†
Three years ago, StoreDot gained its first world by charging the full electric car for five minutes. In 2020, the company demonstrated the durability of its fastest XFC battery. Now the company says it is in the process of making more electric car batteries by 2024.
3,000 new jobs
The 2.9 billion euro investment will be used, among other things, to establish a joint Research and Development Center. A future research center and battery factory will be built near Gothenburg in Sweden. This will create approximately 3,000 new jobs.
Volvo aims to have half of its new cars powered by battery by 2025. Volvo wants all cars to be electric by 2030. What are the prospects for other brands?