Italvolt enters into strategic partnership with StoreDot for ultra-fast charging lithium-ion battery technology
· This collaboration represents an important step for Italvolt
· Extreme Fast Charging (XFC) technology will be licensed to speed time to market
· The deal will see StoreDot become a purchasing partner
· This partnership will allow StoreDot to secure capacity for its potential customers
MILAN, January 16, 2023 /PRNewswire/ — Italvolt SpA, the largest independent battery cell manufacturing company in Italy, announced today that it has entered into a strategic partnership with StoreDota pioneer and world leader in ultra-fast charging and high energy density lithium-ion battery technology.
Under the terms of the agreement, Italvolt will license StoreDot’s Extreme Fast Charging (XFC) technology and intellectual property rights to manufacture XFC lithium-ion batteries at its factory in Italy. The collaboration includes an off-take agreement for StoreDot, which allows the purchase of Italvolt batteries for its own company and customers, once production is complete.
The agreement represents an important milestone in Italvolt’s operational ambition to develop large-scale lithium-ion batteries and establishes an accelerated path to market. In particular, it reflects the alignment of ambition and timeline between the two companies and will allow Italvolt to increase and improve its battery cell production in tandem with StoreDot’s technological advances.
StoreDot’s “100inX” roadmap aims to develop advanced battery cells capable of 100 miles in a 5-minute charge by 2024, 100 miles in a 3-minute charge by 2028 and 100 miles in 2 minutes of charging by 2032.1 StoreDot aims to drive widespread adoption of EVs by developing batteries with extreme energy density, which offer greater efficiency, longer performance and enable ultra-fast charging.
The collaboration between Italvolt and its technology partners shows how independent battery manufacturers can efficiently develop advanced lithium-ion battery cells at scale. The Italvolt battery factory will be technologically independent and will use a modular production process. This approach provides the flexibility and capacity needed to develop battery cells, in line with the evolution of advanced technologies, allowing Italvolt to rapidly accelerate its time to market.
Lars Carlstrom, 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 modular and technology-independent approach to production will allow us to 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 deployment of Extreme Energy Density Battery Cells, which can support the transition to electric vehicles. »
Doron Myersdorf, CEO of StoreDot said: ” We are pleased to form this strategic partnership with Italvolt, a company that shares our ambition for the entire battery ecosystem and will be essential in enabling us to secure manufacturing capacity in Europe. This agreement allows us to acquire captive capacity to guarantee the supply of cells to our future OEM customers. It is critical that StoreDot build these strong relationships as we rapidly move toward mass production of our ultra-fast charging batteries in the coming months. Our advanced 100in5 technologies will help eliminate charging anxiety, currently the biggest barrier to widespread EV ownership. »
The industrial production of XFC lithium-ion batteries will support Italvolt’s vision to create a modern automotive industry in Italy that generates highly skilled jobs. Italvolt’s lithium-ion battery production will also contribute to the broader goals of green industrialization by Europeas adoption of electric vehicles (EVs)2 and battery storage technology is widespread.3
1 https://www.store-dot.com/press/storedot-the-extreme-fast-charging-battery-pioneer-on-track-to-achieve-100-miles-per-5-minutes-of-charge- in-2024-and-100-miles-in-2-minutes-within-a-decade
2 https://www.iea.org/fuels-and-technologies/electric-vehicles
3 https://www.iea.org/reports/grid-scale-storage
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