Volvo Cars Tech Fund, the carmaker’s venture capital arm, makes strategic investment in the extreme fast charging pioneer StoreDot

Volvo Cars, through the Volvo Cars Tech Fund, has made a strategic
investment in StoreDot, the pioneer of extreme fast charging technologies
for electric vehicles.

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.

Meir Halberstam, StoreDot CFO “We are moving closer to the mass production
of our batteries and this investment from Volvo Cars Tech Fund is yet
another huge vote of confidence in StoreDot and our mission. It represents a
significant and high-profile element of our current Series D funding round.
This gives us the financial firepower to bring our revolutionary batteries
to market quicker and boost ongoing R&D into solid-state technologies.”

Volvo Cars was the first established car maker to commit to all-out
electrification and aims to sell only pure electric cars by 2030. As early
as 2025, the company is aiming for half of its global volume to consist of
pure electric cars.

Alexander Petrofski, Head of Volvo Cars Tech Fund “We aim to be the fastest
transformer in our industry and the Tech Fund plays a crucial role in
establishing partnerships with future technology leaders. Our investment in
StoreDot is a perfect fit for that mindset and its commitment to
electrification and carbon-free mobility matches our own. We are excited to
make this collaboration successful for both parties, working towards
bringing this groundbreaking technology to the market.”

Dr Doron Myersdorf, StoreDot CEO “We are extremely excited and proud to be
entering into a collaboration with a premium automotive brand. Volvo Cars’
commitment to zero emissions electric vehicles is hugely impressive and one
that fits perfectly with StoreDot’s mission. We are working to ensure that
EV drivers will never have to be concerned with anxiety over charging times,
currently the major barrier to EV ownership and a cleaner world. StoreDot is
also offering global OEMs a clear technology roadmap that will start with
‘100in5’ silicon-dominant batteries by 2024 but extends into the next decade
when we are already on track to achieve 100 miles in two minutes of charge.”

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.

About StoreDot:
StoreDot is a pioneer and leader of extreme fast charging batteries that
overcome the critical barrier to mainstream EV adoption – range and charging
anxiety. The company has revolutionized the conventional Li-ion battery by
designing and synthesizing proprietary organic and inorganic compounds,
making it possible to charge an EV in just five minutes – the same time it
takes to refuel a conventional combustion engine vehicle. Through it’s
‘100inX’ strategic roadmap, StoreDot’s battery technology is optimized for
best driver experience with XFC in Li-ion batteries, as well as future
technologies for extreme energy-density (XED). StoreDot’s strategic
investors include VinFast, BP, Daimler, Ola Electric, Samsung Ventures, and
TDK. In 2019, the company achieved a world first by demonstrating the live
full charge of a two-wheeled EV in just five minutes. In 2020, the company
demonstrated the scalability of its XFC batteries and is on target for
Electric Vehicle battery production at scale by 2024. For more information
see: www.store-dot.com.

About Volvo Cars:
Volvo Cars in 2021
Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021
amounted to 282.0 BSEK, while global sales reached 698,700 cars.

About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and
respected car brands in the world with sales to customers in more than 100
countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it
is traded under the ticker “VOLCAR B”.

Volvo Cars aims to provide customers with the Freedom to Move in a personal,
sustainable and safe way. This is reflected in its ambition to become a
fully electric car maker by 2030 and in its commitment to an ongoing
reduction of its carbon footprint, with the ambition to be a climate-neutral
company by 2040.

As of December 2020, Volvo Cars employed approximately 40,000 full-time
employees. Volvo Cars’ head office, product development, marketing and
administration functions are mainly located in Gothenburg, Sweden. Volvo
Cars’ production plants are located in Gothenburg (Sweden), Ghent (Belgium),
South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also
has R&D and design centers in Gothenburg, Camarillo (US), Sunnyvale (US) and
Shanghai (China).