StoreDot is on track to begin mass producing its '100in5' cells as early as 2024, achieving 100 miles of charge in just five minutes. The investment gives Volvo Cars the opportunity to collaborate closely with StoreDot on exciting new battery technology, as it aims to become a pure electric car company by 2030.
The new funding comes as part of StoreDot's Series D investment round. Volvo Cars is joining an impressive list of the company's global investors, including Daimler, VinFast, Ola Electric, BP Ventures, Samsung, TDK, and EVE Energy.
StoreDot is currently working with many global automotive manufacturers, to power next generation electric vehicles. It is already shipping advanced '100in5' cells for them to undertake real-world testing.