Italvolt, an electric vehicle battery manufacturer, has partnered with StoreDot, an Israeli startup that develops fast-charging battery cells for electric cars, to manufacture lithium-ion batteries at its factory under construction in Italy. StoreDot will license its fast-charging battery technology to Italvolt, which will reserve a minimum amount of batteries for StoreDot’s business and customers. Currently, StoreDot licenses technology to its manufacturing partner EVE Energy to produce batteries in China and then ship them to customers in China and Korea. However, with Italvolt as its European partner, StoreDot will have access to a manufacturing partner closer to European customers.
StoreDot, whose investors include Volvo, Mercedes-Benz, VinFast, Polestar, and Samsung, is working towards making cells that can deliver 100 miles on a five-minute charge by 2024 and two minutes by 2032. The company uses silicon-rich electrodes that enable cells to charge faster, thus enabling EV manufacturers to install smaller battery packs and reduce the cost of their cars.
Italvolt was founded by Lars Carlstrom, and is one of a few battery startups trying to build a European battery industry to compete with the Asian giants that currently dominate global sales. The company is in discussions with an institutional investor for €500 million ($541 million) in funding to begin production in tranches over the course of 2023. With this funding, the company’s planned 45-gigawatt-hour plant will cost up to €3 billion. While the company is in talks with the Italian government for funding, it is “too soon to share exact figures.”
The partnership with StoreDot is a significant move for Italvolt as it ramps up plans to become Europe’s leading EV battery manufacturer. With fast-charging batteries playing a crucial role in attracting potential customers, this licensing agreement will help Italvolt in building an innovative and environmentally friendly European EV industry. The deal also underscores the importance of finding fast-charging battery solutions in the transition to an electric vehicle future.
