Italvolt Acquires License from StoreDot to Manufacture Fast Charging Car Batteries

JAKARTA - Electric vehicle battery maker Italvolt will secure a fast-charging battery technology license from Israeli startup StoreDot to manufacture lithium-ion batteries in a plant to be built in Italy. This was said by the company on Monday, January 16.

"Italvolt will limit the minimum number of batteries produced in factories for StoreDot businesses and customers," said an Italvolt statement, without specifying a number.

StoreDot, whose investors include Daimler's truck division, now Mercedes-Benz, BP, VinFast, Volvo, Polestar, and Samsung, developed fast-charging battery cells for electric cars using silicon-rich electrodes that allow the cells to charge more quickly.

They want to create cells capable of providing a range of 100 miles (161 km) from a mere 5-minute charge by 2024. This speed, dropping to 2 minutes by 2032, is what will make electric vehicles (EVs) more attractive to potential customers who hindered by the longer charging times it currently has.

Fast charging capability also allows electric vehicle manufacturers to install smaller battery packs thereby lowering the cost of their cars.

Currently, StoreDot licenses the technology to its manufacturing partner EVE Energy to manufacture batteries in China and ship them to customers in China and Korea.

"This partnership will provide it with a manufacturing partner that is closer to customers in Europe," Chief Executive, Doron Myersdorf told Reuters.

Italvolt is one of a handful of battery startups trying to raise money and build a local European battery industry to compete with the Asian giants that dominate global sales.

The company, founded by Lars Carlstrom, is in talks with institutional investors for 500 million euros ($8.1 trillion) in phases over 2023, which could be used to start production. In total, the 45 gigawatt-hour plant will cost up to 3 billion euros (IDR 49.1 trillion).

The company is also in talks with the Italian government for funding, but said it is "too early to share exact figures."