Italvolt has signed a strategic deal for fast charging lithium ion battery technology with StoreDot of Israel.
The deal will see Italvolt license StoreDot’s silicon-based fast charging technology (XFC) and intellectual property rights to manufacture XFC lithium-ion batteries at its plant in Italy. The collaboration includes an offtake agreement for StoreDot, enabling the purchase of Italvolt’s batteries for its own business and customers once production is complete.
The agreement is a key milestone for Italvolt’s plans to build lithium-ion batteries at scale, speeding up the ability to deliver products. This was a key challenge for the struggling Britishvolt battery gigafactory that has yet to prove its technology and gain customers in the UK.
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StoreDot’s has a roadmap for its ‘100inX’ battery cells to enable 100 miles of range with 5 minutes charge by 2024, 100 miles in 3 minutes charge by 2028 and 100 miles in 2 minutes charge by 2032. StoreDot shifted from germanium to silicon for the latest generation technology to take on Tesla in automotive battery cell production.
This is not necessarily the only technology that Italvolt will produce. The battery plant, at the former Olivetti site in northern Italy, will be technology-agnostic and use a modular production process. This approach allows the necessary flexibility and capacity to develop battery cells.
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“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,” said Lars Carlstrom, Italvolt Founder and CEO of Italvolt.
“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.”
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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,” he added.