Volvo invests in new battery technology: ‘charges 160 km in five minutes’

StoreDot is working on a new battery technology that will allow electric car batteries to charge up to 100 miles in five minutes. Volvo is investing 2.9 billion euros (30 billion Swedish crowns) in the startup. The investment fits well with Volvo’s ambition to sell only electric cars by 2030. information. That is five years before the European Union set as a guideline.

Mass production in 2024

StoreDot aims to have the technology market ready for mass production by 2024. The collaboration between StoreDot and Volvo will take place within the battery technology partnership Volvo established last year with Northvolta Swedish battery manufacturer.

How does it work?

StoreDot technology is based on silicon nanoparticles. The cells help to increase the energy density of the battery, shorten the charging time and make it possible to produce smaller and more powerful batteries. In the future, this technology could make it easier to replace batteries, which is already happening China.

Three years ago, StoreDot achieved a world first by fully charging an electric car in five minutes. In 2020, the company demonstrated the durability of its fastest XFC battery. Now the company says it is on track to produce more batteries for electric cars by 2024.

3,000 new jobs

The investment of 2.9 billion euros will be used, among other things, to establish a joint center for Research and Development. A research center and battery factory of the future will be built near Gothenburg in Sweden. This will create approximately 3,000 new jobs.

Volvo aims to have half of its new cars run on batteries by 2025. Volvo wants all cars to be electric by 2030. What are the expectations of other brands?