StoreDot plans to build its XFC batteries with a partner in South Korea

StoreDot has long focused on developing ultra-fast charging batteries and demonstrated last year, for example, that the batteries used in a prototype of the Polestar 5 can be charged from ten to 80 per cent in just ten minutes. StoreDot calls this approach Extreme Fast Charging (XFC), and the batteries in question are rumoured to come as standard in the Polestar 5, which is due to launch this year. The company’s partners also include Mercedes, VinFast, Volvo Cars, Polestar and Ola Electric.

StoreDot has now announced that it will establish a joint venture with JR Energy Solution, a South Korean battery technology company, to mass produce ultra-fast charging batteries. Specifically, JR Energy Solution’s production technology will manufacture StoreDot’s XFC batteries.

The partners want to start production this year and initially achieve a production volume of 1.5 GWh of batteries per year. The capacity will be increased to four GWh per year by 2027. There are also plans to increase production to up to 10 GWh if there is an increase in global demand. 10 GWh should be sufficient for batteries of around 130,000 high-performance electric vehicles. According to Korean media reports, the companies will need to invest more than 650 million euros to build a 10 GWh production plant. The partners are also planning to produce batteries for drones and humanoid robots.

“We plan to build Korea as a global super-fast charging battery production hub,” said StoreDot CEO Doron Myersdorf. “It is a strategic investment decision to accelerate the commercialization of super-fast charging batteries in various industries such as electric vehicles, drones, robots, and defence and defence industries.”

StoreDot has already established initial volume production of its batteries through a partnership with EVE Energy, the fourth-largest battery company in China. However, with the escalation of the trade conflict between the US and China, production volumes have been redirected to meet domestic demand in China. South Korea will thus serve as a base for entering the global market for StoreDot’s XFC batteries.

mk.co.kr