Polestar invests in fast charging battery firm

Polestar has made its first financial investment in another company, becoming a shareholder in Israel-based extreme fast charging pioneer StoreDot with both aiming to explore the technology for future Polestar EVs.

StoreDot is pioneering the development of silicon-dominant extreme fast charging batteries for electric vehicles, planning by 2024 to produce batteries capable of charging up to 160km of range in five minutes.

“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,” says Polestar chief executive Thomas Ingenlath.

As part of the deal, Polestar is collaborating with StoreDot to explore adapting and applying their technology to proof-of-concept Polestar cars. Test cases already being explored include customising StoreDot’s cell technology for Polestar cars, to enable faster charging and improved circularity.

 “Charging and range anxiety are common concerns holding owners of combustion engine cars back from making the switch to EVs,” Ingenlath explains.  

“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.”

The company has revolutionised the conventional lithium-ion battery by designing and synthesising proprietary organic and inorganic compounds, optimised by Artificial Intelligence (AI) algorithms, allowing EV charging in the same time it takes to refuel a conventional internal combustion engine (ICE) car.

Through it’s ‘100inX’ product roadmap, StoreDot’s battery technology is designed for best driver experience offering ‘Range On Demand’: 161km charged in five minutes (2024), 161km charged in three minutes by 2028, and extreme energy density solution enabling 161km to be charged in two minutes by 2032.

StoreDot’s investors and partners include Daimler, BP, VinFast, Volvo, Polestar, Ola Electric, Samsung, TDK and manufacturing partner EVE Energy.

It’s on target for mass production readiness by 2024.

From 2022, Polestar plans to launch one new EV a year, starting with the Polestar 3 electric performance SUV.

Polestar is available in New Zealand and Australia.

It has been hampered a little of late by COVID-related production issues in China.