Polestar becomes StoreDot shareholder
Swedish electric car manufacturer Polestar has become a shareholder in Israeli battery developer StoreDot. In addition to the financial investment, both companies want to explore the use of StoreDot’s fast-charging silicon-dominated batteries for future Polestar vehicles.
Volvo Cars had already invested in StoreDot in April. StoreDot’s other strategic partners also include Daimler, BP, VinFast, Ola Electric, Samsung, TDK and EVE Energy.
“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,” said Thomas Ingenlath, CEO of Polestar. Doron Myersdorf, CEO of StoreDot, added: “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.”
The Israel-based company aims to produce batteries for electric vehicles that can recharge 160km of range in just five minutes by 2024. Recently, StoreDot released a video showing a fast charge of its current battery cell technology.
The demonstration shows a 300 x 100 mm pouch cell manufactured by partner EVE Energy in China – as will be the case for mass production from 2024. In the test, the cell was charged from 0 to 86 per cent within ten minutes. At no time did the battery temperature exceed 33 degrees Celsius. The 24 Ah cell demonstrated was charged to 20 Ah. According to the display, the voltage was around 4 volts; according to the presenter, the voltage range was 3 to 4.4 volts. Only at a charge level of 69 per cent (after 7:33 minutes) was the current of 135 amps cut off.
As part of the strategic agreement, Polestar plans to work with StoreDot to investigate the adaptation and application of StoreDot technology to vehicle concept implementations. “Test cases already being explored include customising StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity,” the statement said.
Polestar and StoreDot did not disclose the full amount of financial participation.