Volvo Cars Tech Fund, the automaker’s venture capital branch, has invested $3.1 billion in StoreDot, an Israeli company developing extremely fast-charging battery technology. Volvo Cars, which aims to become a wholly electric car company by 2030, is the first premium car maker to invest in StoreDot.

According to StoreDot, its technology makes it possible to charge an electric vehicle (EV) to 160 km of pure energy range in just five minutes - the same time refueling a conventional combustion engine takes. Transforming the standard Lithium-ion battery, the new technology centers on a unique silicon-dominant anode technology and related software integration. StoreDot expects mass production of its technology by 2024.

The Volvo-StoreDot collaboration will work in conjunction with a 2021 joint venture Volvo Cars began with Northvolt, a leading Swedish batter maker. The joint venture focuses on both development and manufacturing of state-of-the-art battery cells, specifically for use in next-generation pure-electric Volvo and Polestar cars.

As part of their alliance, Volvo and StoreDot will establish a joint R&D center and battery manufacturing plant near the Swedish seaport of Gothenburg.