Under the terms of the agreement, Italvolt will license StoreDot’s extreme fast charging technology (XFC) and intellectual property rights to manufacture XFC lithium-ion batteries at its plant in Italy. The collaboration includes an offtake agreement for StoreDot, enabling the purchase of Italvolt’s batteries for its own business and customers, once production is complete.
The agreement represents a significant milestone in Italvolt’s operational ambition to develop lithium-ion batteries at scale and establishes an accelerated route to market. Specifically, it reflects an alignment of ambition and timelines between the two companies and will allow Italvolt to scale and upgrade its battery cell production alongside StoreDot’s technological advancements.
StoreDot’s ‘100inX’ product roadmap has an ambition to develop advanced battery cells capable of 100 miles of range in 5 minutes’ charge by 2024, 100 miles in 3 minutes’ charge by 2028 and 100 miles in 2 minutes’ charge by 2032. StoreDot seeks to drive mass EV adoption through the development of extreme energy density batteries, which deliver greater efficiency, a longer lasting performance, and allow for superfast charging.
The collaboration between Italvolt and its technology partners demonstrates how independent battery manufacturers can develop advanced lithium-ion battery cells efficiently and at scale. Italvolt’s battery plant will be technology-agnostic and utilise a modular production process. This approach allows the necessary flexibility and capacity to develop battery cells, in line with evolving, cutting-edge technology, thus enabling Italvolt to rapidly accelerate its route to market.