Swedish car maker 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.”