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.”
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.
