Polestar is the latest electric vehicle manufacturer to invest money in the extreme fast charging battery technology developed by StoreDot.
Polesatar has announced a “strategic agreement” with StoreDot, an Israel-based company developing EV battery technology capable of charging up to a distance of 160 km in just five minutes.
StoreDot itself said the advanced silicon-dominated EV battery technology will be available in 2024. For Polestar, this investment is a first as a company.
Previously, Volvo, which is Polestar’s parent company, also invested money in StoreDot. Polestar is following in the footsteps of other electric vehicle manufacturers including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK and EVE Energy who invested in StoreDot.
“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,” said CEO Thomas Ingenlath.
StoreDot CEO Dr Doron Myersdorf hailed Polestar as an ambitious and innovative brand that has “proven to be very important” in the mass adoption of electric vehicles.
“We know that our technologies have huge potential to eradicate charging and range anxieties for future Polestar owners,” Myersdorf said.
Polestar itself plans to launch one new electric vehicle every year. This year the Polestar 3 – the company’s first electric performance SUV – will be launched to complement the previous Polestar EV portfolio.
