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Manija Noori

26/04/2022
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Well-known manufacturer Volvo has just announced its recent investment into a new battery technology company, StoreDot. The company is working towards pioneering technology that should result in fast-charging batteries that can be charged in about 5 minutes, with a range of up to 99 miles. The new investment favours Volvo's mission to become an electric vehicle (EV) company by 2030.

 

Volvo’s legacy keeps pace with modern requirements

One of today's most well-known car brands, Volvo Cars was first founded in 1927. The Swedish manufacturer is well respected worldwide for specialising and the sale of their luxury vehicles ranging from SUV models to comfortable saloon models. Volvo has taken on board the Government's plans to ban the sale of petrol and diesel and dedicate its goals towards reducing its carbon footprint and becoming a fully electric car manufacturer by 2030. 

 

StoreDot combines nanotechnology to improve performances

StoreDot is set to lead the car battery industry with their so-called 'extreme-fast-charging' battery product. It is revolutionising the conventional Li-ion battery with synthesising compounds, both organic and inorganic, to make it possible to charge an EV in record timing. The development is adjacent to a unique silicon anode technology combined with related software integration, giving it the ability for its efficient fast-charging batteries. This offers individuals great incentives for individuals who plan to invest in an EV. What has once previously made people opposed by not wanting to deal with the hassle of charging can now have the same in-time experience that it takes to refuel a conventional or 'standard' car – refilling a vehicle from a petrol station taking around 5 minutes usually. 

Volvo invests in battery pioneers StoreDot

Volvo is the first luxury car retailer to invest in StoreDot. Still, with the successful completion of their product, you can see many other premium industries getting on board with the concept, wanting to get a piece too. By working together, Volvo Cars and StoreDot aim to mass-produce by 2024. This puts pressure on the companies' time to market their new technology according to their goals.  

 

"We aim to be the fastest transformer in our industry. The Tech Fund plays a crucial role in establishing partnerships with future technology leaders," says Alexander Petrofski, Head of the Volvo Cars Tech Fund. "Our investment in StoreDot perfectly fits that mindset, and their commitment to electrification and carbon-free mobility matches our own. We're excited to make this a successful collaboration for both parties and work towards bringing this groundbreaking technology to the market." 

 

In the years to follow and Volvo Cars' most ambitious electrification plans already in motion by 2025 alone, Volvo Cars aims for half of its volume globally to consist of pure electric cars alongside additionally aiming towards being a climate-neutral company by 2040 and cutting carbon emissions across its business. 

 

Mass production of electric cars with quicker charging, longer-range use and lower costs? Who could complain?

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Manija Noori 26/04/22