- Polestar forms partnership with StoreDot with a strategic investment to explore using extreme fast charging technologies for future models
- Critical milestone in the commercialization of StoreDot’s advanced batteries and speeding up production at scale
- StoreDot is on track to mass produce silicon-dominant lithium-ion cells delivering 100 miles of range in five minutes of charging by 2024
- StoreDot’s global strategic partners now include Daimler, BP, VinFast, Volvo, Polestar, Ola Electric, Samsung, TDK and EVE Energy
- ‘100in5’ battery cells currently in real-world testing by leading automotive manufacturers
Herzeliya, Israel, 24 May 2022 StoreDot, the pioneer of extreme fast charging technologies for electric vehicles, has entered a strategic partnership with Polestar, following an investment from the all-electric premium performance brand.
As part of this new partnership and investment agreement, Polestar will investigate utilizing StoreDot’s extreme fast charging silicon-dominant batteries for future Polestar cars. StoreDot is on track to begin mass producing its ‘100in5’ technology as early as 2024, achieving 100 miles of range in just five minutes of charging.
Meir Halberstam, StoreDot CFO “This is yet another significant vote of confidence in StoreDot and our market-leading extreme fast charging battery. This investment from one of the pioneering electric vehicle brands is an important step in our commercialization process. It will not only enable us to bring the ground-breaking ‘100in5’ batteries to market quicker, but also boost our R&D capabilities. We are rapidly moving towards even more game-changing technology and are laser-focused on offering 100 miles of range in just two minutes of charging, within a decade.”
Thomas Ingenlath, Polestar CEO “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.
Dr Doron Myersdorf, StoreDot CEO “We are thrilled to be entering into an agreement with Polestar. Like us, Polestar is an ambitious brand which is already proving to be pivotal in the mass adoption of electric vehicles, helping the global transition to a cleaner, zero-emissions world. We are looking forward to working together and we know that our technologies will prove to be greatly beneficial, helping to eradicate EV drivers’ range and charging anxieties.”
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.
About StoreDot:
StoreDot is a pioneer and leader of extreme fast charging (XFC) batteries that overcome the critical barrier to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, making it possible to fully charge an EV in five minutes – the same time it takes to refuel a conventional combustion engine vehicle. StoreDot’s battery technology is optimized for best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED).StoreDot’s strategic investors include BP, Daimler, Samsung Ventures, Ola Electric and TDK. In 2019, the company achieved a world first by demonstrating the live full charge of a two-wheeled EV in five minutes. In 2020, the company demonstrated the scalability of its XFC batteries for other industries, by fully charging a commercial drone in five minutes in another world first. Moving XFC battery technology from the lab to a commercially-viable product for the first time, StoreDot has launched engineering samples of its first-generation batteries that are designed to be manufactured at scale on traditional Li-ion production lines.
For more information see: www.store-dot.com.
About Polestar
Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Cars and Geely Holding, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA.
In September 2021, Polestar announced its intention to list as a public company on the Nasdaq in a business combination agreement with Gores Guggenheim, Inc. Full information on this definitive agreement can be found here.
Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) – the longest of any hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 300 kW / 408 hp and 660 Nm.
From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 – the company’s first electric performance SUV. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution of Polestar Precept – the manifesto concept car that Polestar released in 2020 that showcases the brand’s future vision in terms of design, technology, and sustainability. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030.
In early March 2022, Polestar revealed its second concept car, the Polestar O₂ electric performance roadster. Polestar O₂ builds on the design, technology and sustainability ambitions laid out by Precept and showcases the brand’s vision for future sports cars. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. The concept further develops the focus on sustainability and technology, aiming towards greater circularity.
