The fast charging specialist StoreDot has agreed to supply with Polestar after the EV brand investment.
Polestar will “explore” using StoreDot’s extremely fast charging silicon batteries for future cars.
StoreDot is on track to begin mass production of its “100in5” technology as early as 2024, reaching a range of 100 miles after just five minutes of charging.
Meir Halberstam, CFO of StoreDot, said: “This investment by one of the pioneering brands of electric vehicles is an important step in our commercialization process. This will allow us to bring innovative ‘100in5’ batteries to market faster, as well as increase our research and development capabilities. ”
Thomas Ingenlatt, CEO of Polestar, said: “Concerns about charging and range are common problems that prevent car owners with internal combustion engines from switching to EV. StoreDot’s advanced rechargeable technology potentially provides real solutions to these obstacles. If our current pilot projects are successful, we could see it [batteries] implemented by 2026. “
The new financing was part of the StoreDot Series D investment round. Other investors include Daimler, BP, VinFast, Volvo, Ola Electric, Samsung, TDK and EVE Energy.