StoreDot, an Israeli extreme fast charging (XFC) battery developer, has signed a multi-year agreement with Volvo Cars, a strategic investor of the company, to develop an EV battery for the upcoming generation of Volvo EVs.

As such, the two companies intend to develop XFC cells that will be optimized and tailored for Volvo’s RV architecture, with the first samples to be delivered for testing in 2024. StoreDot’s batteries would enable future Volvo owners to achieve 100 miles of driving range with five minutes of charge.

Analyst QuickTake: In April 2023 , StoreDot also partnered with VinES to jointly research, develop, and offer XFC battery cells in different form factors. The first generation of these batteries will be commercially available from 2025 and will be incorporated into VinFast EVs. Furthermore, in May 2023 , the company announced that it aims to develop manufacturing operations across three continents, namely the US, Europe, and Asia, in order to cater to its customers within their local geographies, reduce carbon impact, and achieve just-in-time production efficiency. The company aimed to do so by collaboratively producing the batteries at existing and future gigafactories, with production set to commence in 2024.