Volvo Cars Tech, a subsidiary owned by Volvo, has invested funds into StoreDot, an Israeli company specializing in super-fast electric car charging solutions.
The technology enables car owners to get up to 160 kilometers (100 miles) of range after mere five minutes spent at a charging station. The technology appears particularly important for the Swedish car marque, because it pursues complete electrification by the beginning of the next decade. In spite of the challenges the industry is facing these days, Volvo says it is resolute in its vision and intentions.
For its own part, StoreDot points out it is also interested in such a partnership to bring the tech to the mass market as soon as possible. The supposed term is ‘a few years’: Volvo is the first major car manufacturer to have invested in the startup. The amount and other details remain undisclosed, so we will have to wait until the first results show themselves.