Italvolt collaborates with StoreDot for extreme fast charging lithium-ion battery technology By CIOTechOutlook Team

Italvolt collaborates with StoreDot for extreme fast charging lithium-ion battery technology

CIOTechOutlook Team | Monday, 16 January 2023, 11:33 IST

StoreDot, a pioneer and world leader in ultra rapid charging and energy dense lithium-ion battery technology, has agreed to collaborate strategically with Italvolt S.p.A., the business building Italy's largest independent battery cell factory.

According to the terms of the contract, Italvolt will obtain a licence from StoreDot to use its intellectual property and extreme fast charging (XFC) technology to create XFC lithium-ion batteries at its Italian manufacturing facility. Upon completion of manufacturing, StoreDot will be able to buy Italvolt batteries for its own operations and clients thanks to an offtake agreement included in the collaboration.

The partnership offers an expedited path to market and marks a critical step in Italvolt's operational objective to produce lithium-ion batteries at scale. It will enable Italvolt to scale and update its battery cell production alongside StoreDot's technology advancements and specifically indicates an alignment of aim and timetables between the two businesses.

According to StoreDot's '100inX' product roadmap, by 2024, 100 miles of range will be possible with a 5-minute charge, 100 miles will be possible with a 3-minute charge, and 100 miles will be possible with a 2-minute charge. 1 StoreDot wants to encourage the widespread use of electric vehicles (EVs) by creating batteries with an extraordinary energy density that are more effective, last longer, and enable super-rapid charging.

The partnership between Italvolt and its technical partners exemplifies how independent battery producers may effectively and broadly produce sophisticated lithium-ion battery cells. The battery plant built by Italvolt will employ a modular manufacturing process and be technology independent. This strategy gives Italvolt the flexibility and capacity it needs to produce battery cells in accordance with advancing, cutting-edge technology, greatly accelerating its path to market.

Lars Carlstrom, Italvolt Founder and CEO of Italvolt said: "Our collaboration with StoreDot is an inflection point in our journey to deliver high-quality, lithium-ion battery cells, at scale. Italvolt's technology-agnostic, modular approach to production will ensure that we remain at the forefront of the industry as battery cell technology advances.

"We are proud to welcome StoreDot as an offtake partner, and together, we will accelerate the rollout of extreme energy density battery cells, that can support the transition to electric vehicles."

Doron Myersdorf, CEO of StoreDot said: "We are excited to be forming this strategic collaboration with Italvolt, a company that shares our ambition for the entire battery ecosystem and will be crucial for us securing European manufacturing capacity. This agreement lets us obtain captive capacity so we can guarantee supply of cells to our future OEM customers. It is extremely important that StoreDot creates these strong relationships as we rapidly move towards mass production of our extreme fast charge batteries in the coming months. Our advanced 100in5 technologies will eradicate charging anxiety which is currently the biggest barrier to widespread electric vehicle ownership."

The industrial manufacture of XFC lithium-ion batteries will help Italvolt realise its goal of developing a cutting-edge automotive sector in Italy that will create jobs for highly qualified individuals. As electric vehicles (EVs)2 and battery storage technology become more widely used, Italvolt's lithium-ion battery manufacture will also help to further European aims of green industrialization.