Italvolt enters strategic collaboration with StoreDot for extremely fast charging lithium-ion battery technology

17 January 2023

Italvolt SpA, the company developing Italy's largest independent battery cell factory, today announced that it has entered into a strategic collaboration with StoreDot , a pioneer and global leader in extreme 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, allowing the purchase of Italvolt's 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. Specifically, it reflects an alignment of ambition and timeline between the two companies and will allow Italvolt to increase and improve its battery cell production alongside StoreDot's technological advancements.

StoreDot's "100inX" roadmap aims to develop advanced battery cells capable of 100 miles in 5 minutes of charging by 2024, 100 miles in 3 minutes of charging by 2028, and 100 miles in 2 minutes of charge by 2032. 1 StoreDot seeks to drive mass adoption of EVs through the development of batteries with extreme energy density, which offer greater efficiency, longer lasting performance and enable ultra-fast charging.

The collaboration between Italvolt and its technology partners demonstrates how independent battery manufacturers can efficiently develop advanced lithium-ion battery cells at scale. The Italvolt battery factory will be technology 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 quickly 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 stay at the forefront of the industry as battery cell technology advances.”

“We are proud to welcome StoreDot as a pickup 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 delighted to form this strategic collaboration with Italvolt, a company that shares our ambition for the entire battery ecosystem and which will be crucial in enabling us to secure European manufacturing capacity. This agreement allows us to obtain a captive capacity in order to guarantee the supply of cells to our future OEM customers. It is extremely important that StoreDot builds these strong relationships as we move rapidly towards mass production of our super fast charging batteries in the coming months. Our advanced 100in5 technologies will help eradicate charging anxiety, which is currently the biggest barrier to widespread EV ownership. »

The industrial production of XFC lithium-ion batteries will support Italvolt's vision of creating 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 in Europe , as the adoption of electric vehicles (EV) 2 and battery storage technology becomes more widespread. 3