Polestar invests in extreme fast charging battery company StoreDot; unlocks access to advanced battery technology.
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 99 miles 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.
Thomas Ingenlath, Polestar CEO, said:
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.
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 customizing 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.
Dr Doron Myersdorf, StoreDot CEO 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.”
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.
About Polestar
Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Cars and Geely Holding, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA.
In Canada, Polestar Spaces are located in Toronto, Montreal, and Vancouver. With these three Spaces, Polestar can service 85% of the Canadian EV market.
In September 2021, Polestar announced its intention to list as a public company on the Nasdaq in a business combination agreement with Gores Guggenheim, Inc. Full information on this definitive agreement can be found here.
Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb-ft of torque, and an electric-only range of 124 km (WLTP) – the longest of any hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 408 hp and 487 lb-ft of torque.
From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 – the company’s first electric performance SUV. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution of Polestar Precept – the manifesto concept car that Polestar released in 2020 that showcases the brand’s future vision in terms of design, technology, and sustainability.
As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car, the Polestar O₂ electric performance roadster. Polestar O₂ builds on the design, technology and sustainability ambitions laid out by Precept and showcases the brand’s vision for future sports cars.
The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasizes a dynamic driving experience. The concept further develops the focus on sustainability and technology, aiming towards greater circularity.
Highlights:
- 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
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Polestar invests in extreme fast charging battery company StoreDot; unlocks access to advanced battery technology, May 24, 2022
