Volvo invests in Israeli electric car battery maker StoreDot
There is growing demand for electric vehicles in Israel. Like cars that run on gasoline, electric cars come with environmental concerns.
An Israeli producer of electric car batteries announced today new investment from the Swedish car giant Volvo.
StoreDot said that Volvo’s venture capital arm made a “strategic investment” for an unspecified amount of money. The partnership will allow StoreDot and Volvo to collaborate on battery technology, StoreDot said in a press release.
“This gives us the financial firepower to bring our revolutionary batteries to market quicker,” said StoreDot chief financial officer Meir Halberstam.
Why it matters: StoreDot produces an electric car battery that can purportedly last for 100 miles after charging for only five minutes. The battery is aptly named “100in5.”
