As part of this new partnership and investment agreement, Polestar will investigate utilising StoreDot’s extreme fast charging silicon-dominant batteries for future Polestar cars.
StoreDot is on track to begin mass producing its ‘100in5’ technology as early as 2024, achieving 100 miles of range in just five minutes of charging.
Meir Halberstam, StoreDot CFO, said: “This is yet another significant vote of confidence in StoreDot and our market-leading extreme fast charging battery. This investment from one of the pioneering electric vehicle brands is an important step in our commercialisation process.
“It will not only enable us to bring the ground-breaking ‘100in5’ batteries to market quicker, but also boost our R&D capabilities. We are rapidly moving towards even more game-changing technology and are laser-focused on offering 100 miles of range in just two minutes of charging, within a decade.”
Thomas Ingenlath, Polestar CEO, said: “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.”
Dr Doron Myersdorf, StoreDot CEO, said: “We are thrilled to be entering into an agreement with Polestar. Like us, Polestar is an ambitious brand which is already proving to be pivotal in the mass adoption of electric vehicles, helping the global transition to a cleaner, zero-emissions world. We are looking forward to working together and we know that our technologies will prove to be greatly beneficial, helping to eradicate EV drivers’ range and charging anxieties.”
The new funding comes as part of StoreDot’s Series D investment round. Polestar is joining an impressive list of the company’s global investors and partners, including Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.
StoreDot is currently working with several global automotive manufacturers, to power next generation electric vehicles. It is shipping advanced ‘100in5’ cells for them to undertake real-world testing.