The Swedish brand announces an investment agreement in StoreDot, the technology company specializing in high-performance charging. With this movement, Polestar intends to equate its technology to that of the great benchmark: Tesla.
Polestar It is one of the most attractive electrical brands today and not only because of its design and quality, but also because of a global commitment that is generating great prestige among professionals and users.
And the latest announcement from the subsidiary firm of Volvo and Geely follows that same path. A path that has a clear destination: stand up to Tesla and position itself as the strongest alternative to the current dominator of the world market for electric cars.
Polestar invests in StorDot
Specifically, the announcement makes public Polestar’s first financial investment in another company by becoming a shareholder of StoreDota pioneer in ultra-fast charging based in Israel.
“The strategic investment further exemplifies Polestar’s commitment to innovation and accelerating electric vehicle adoption,” the Polestar statement said. “Both companies will explore the use of StoreDot’s ultra-fast charging technology for future Polestar cars”.
StoreDot is a pioneer in the development of silicon-dominant extremely fast-charging batteries for electric vehicles. The Israeli company aims to produce batteries for electric vehicles capable of charging up to 160 kilometers of autonomy in just five minutesby 2024.
“StoreDot’s advanced battery technology aligns with Polestar’s strategy of leveraging broader innovative industry partners to drive advancements in electric mobility,” Polestar reiterates regarding the agreement.
“Polestar can help shape the development of new battery technology for the automotive industry and provide valuable insights from the perspective of a brand focused on performance and sustainability»says Thomas Ingenlath, CEO of Polestar.
As part of the strategic agreement, Polestar is collaborating with StoreDot to explore adapting and applying its technology to Polestar proof-of-concept cars. These include the customization of StoreDot’s cellular technology for Polestar cars with the aim of enable faster charging and improved circularity.
“Charging and range anxiety are common concerns that prevent combustion engine car owners from making the switch to electric vehicles,” Polestar notes.
“StoreDot’s advanced battery technology potentially offers real solutions to these obstacles. If our current pilot projects with StoreDot are successful, we could see these solutions implemented in Polestar cars by 2026”Thomas Ingenlath continues.
StoreDot CEO Dr. Doron Myersdorf adds, “We are very excited to enter into an agreement with Polestar, both as an investor and partner.”
“The same as us, Polestar is an extremely ambitious and innovative brand and it is already proving instrumental in the mass adoption of electric vehicles, helping us move towards a cleaner, zero-emissions world.”
The only Polestar for sale in Spain at this time, the Polestar 2, is a direct rival of the Tesla Model 3, the current dominator of the international market. In order to unseat it, Polestar wants to match its opponent in technology and performance, but surpassing it in finishes and perceived quality.
Photos: Polestar Average