Volvo electric vehicle (WhatCar photo?)
The global car manufacturer Volvo has made a strategic investment in the start-up StoreDot, which was established in Israel. This is a multi-million dollar financing that comes as part of Sturdot’s D Investment Round. Volvo joins a list of the company’s global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK and EVE Energy.
Sturdot is a company that develops fast charging solutions, where it is said that the company is on its way to start mass production of its ‘100 in5’ cells as early as 2024, and achieve a car charge in 5 minutes that will be enough for more than 150 km. The opportunity for close cooperation with the company in the new battery technology, and is part of Volvo’s plan to increase gear in the production of electric vehicles.
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Meir Halberstam, Stordott’s CFO, said: “We are approaching mass production of our batteries and Volvo’s investment is another huge expression of confidence in our company and its developments. Such investments give us the financial strength that will allow us to bring our revolutionary batteries to market faster and increase the research and development of the product. ”
Volvo has stated that it aims to sell only electric cars by 2030. As early as 2025, the company aims for half of its global sales to be from electric cars. Alexander Petropsky, head of Volvo’s technology division, said of the new investment: “Our investment in Sturdot is in line with Volvo’s vision and its commitment to electrification and carbon-free mobility is ours. We are excited to make this collaboration successful for both parties, This is for the market. ”
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