- Polestar makes first financial investment in another company; becomes shareholder in Israel-based extreme fast charging pioneer StoreDot
- Strategic investment further exemplifies Polestar’s commitment to innovation and acceleration of EV adoption
- Both companies to explore using StoreDot’s extreme fast charging technology for future Polestar cars
Polestar has made its first financial investment as a company, investing in extreme fast charging battery technology innovator, StoreDot.
StoreDot is pioneering the development of silicon-dominant extreme fast charging batteries for electric vehicles. The Israel-based company aims to produce batteries for EVs capable of charging up to 160 km of range in just five minutes, by 2024.
StoreDot’s advanced battery technology aligns with Polestar’s strategy of leveraging broader innovative industry partners to drive advancements in electric mobility.
“Polestar can help shape the development of new battery technology for the automotive industry and provide invaluable insights from the perspective of a brand focused on performance and sustainability,” says Polestar CEO, Thomas Ingenlath.
As part of the strategic deal, Polestar is collaborating with StoreDot to explore adapting and applying their technology to proof-of-concept Polestar cars. Test cases already being explored include customising StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity.
“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,” continues Thomas Ingenlath.
StoreDot CEO, Dr Doron Myersdorf, adds: “We are extremely excited to be entering into an agreement with Polestar, both as an investor and collaborator. Like us, Polestar is an extremely ambitious, innovative brand and is already proving to be pivotal in the mass adoption of electric vehicles, helping us move to a cleaner, zero-emissions world. We are looking forward to working together and we know that our technologies have huge potential to eradicate charging and range anxieties for future Polestar owners.”
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About StoreDot
StoreDot is the pioneer and leader of extreme fast charging (XFC) batteries that overcome the critical barrier to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, making it possible to charge an EV in as little as five minutes – the same time it takes to refuel a conventional combustion engine car.
Through it’s ‘100inX’ product roadmap, StoreDot’s battery technology is designed for best driver experience offering ‘Range On Demand™’: 100 miles charged in 5 minutes (2024), 100 miles charged in 3 minutes by 2028, and extreme energy density solution enabling 100 miles to be charged in 2 minutes by 2032. StoreDot’s strategic investors and partners include Daimler, BP, VinFast , Volvo, Polestar, Ola Electric, Samsung, TDK and the manufacturing partner EVE Energy.
In 2022, the company achieved a world first by demonstrating a live extreme fast charging of an EV battery cell. StoreDot is on target for mass production readiness by 2024.For more information see: www.store-dot.com.