- Polestar — the electric vehicle (EV) company merging with Gores Guggenheim (NASDAQ:GGPI) — just announced a partnership with StoreDot
- StoreDot works to improve charging times for EVs
- Polestar is seeking to use StoreDot technology in their vehicles
Shares of GGPI stock are in focus today after Polestar announced that it would partner with and invest in StoreDot. StoreDot produces “fast-charging silicon-dominant batteries” for electric vehicles. Polestar’s investment in the company is part of the EV charging company’s Series D investment round, which includes other investors like Samsung and Daimler (OTCMKTS:DMLRY).
A major barrier to entry for EVs is the waiting time required to charge a vehicle. Depending on the battery and type of charger, it can take anywhere from 30 minutes to half a day to fully charge an EV. StoreDot is trying to fix this problem by “producing its ‘100in5’ technology as early as 2024.” This technology seeks to provide EVs with 100 miles of range in only five minutes of charging time.
Let’s get into the details of this partnership.
GGPI Stock: Polestar Announces Partnership with StoreDot
These two companies will collaborate on proof-of-concept testing to explore “the possibility of applying the battery technology to Polestar cars.” Polestar will customize StoreDot’s battery cell tech for its vehicles, “enabling fast charging and improved circularity.”
Polestar CEO Thomas Ingenlath added the following:
“Charging and range anxiety are common concerns holding owners of combustible engine cars back from making the switch to EVs. StoreDot’s advanced battery technology potentially provides actual solutions to these obstacles […] If our current pilot projects with StoreDot are successful, we could see these solutions being implemented in Polestar cars by 2026.”
Polestar Announces New EV Model Date
Polestar also recently confirmed that its new Polestar 3 SUV model will debut this October. Volvo’s (OTCMKTS:VLVLY) South Carolina facility will be responsible for producing the vehicle. The Polestar 3 will feature single and dual-motor versions. It will also be equipped with autonomous driving tech that uses light detection and ranging (lidar).
Looking forward, Polestar is working on its Polestar 4 and Polestar 5 models for future release. The company will unveil the Polestar 4 — a smaller SUV coupe — next year. Additionally, Polestar expects to debut the 5 in 2024.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.