BERLIN — Electric vehicle battery maker Italvolt has licensed fast-charging battery technology from Israeli startup StoreDot and plans to manufacture lithium-ion batteries at a factory it is funding to build in Italy. , the companies said.
Italvolt will ring-fence a minimum amount of factory-produced batteries for StoreDot’s business and customers, Italvolt said in a statement, but did not disclose the amount.
Storedot, invested by Mercedes-Benz, VinFast, Volvo, Polestar and Samsung’s truck division, develops fast-charging battery cells for electric vehicles using silicon-rich electrodes that can charge the cells faster doing.
We aim to create a cell that can deliver 100 miles (161 km) on a 5-minute charge by 2024, and down to 2 minutes by 2032.
Fast-charging capabilities also allow EV manufacturers to use smaller battery packs, potentially reducing vehicle costs.
StoreDot now licenses the technology to manufacturing partner EVE Energy to produce batteries in China and ship them to customers in China and South Korea.
The partnership will provide the company with a manufacturing partner closer to European customers, CEO Doron Myersdorf told Reuters.
Italvolt is one of the few battery startups looking to raise capital and build its own battery industry in Europe to compete with the Asian giants that dominate global sales.
The company, founded by Lars Carlstrom, is in talks with institutional investors to raise €500 million ($541 million) in 2023, which will allow it to start production, Carlstrom said.
In total, the 45 GWh plant will cost up to €3 billion.
The company is also in talks with the Italian government about funding, but said it was “too early to share exact figures.”