STOREDOT SIGNS STRATEGIC COLLABORATION WITH VOLVO CARS TO DEVELOP CELLS FOR NEXT GENERATION EVS

• StoreDot signs a strategic collaboration agreement with Volvo Cars
• Teams from both companies will work together on XFC B-samples for Volvo Cars' future electric vehicles
• First results of new collaboration set to be delivered next year
• StoreDot's '100in5' cells deliver 100 miles of range in just 5 minutes of charging

HERZLIYA, Israel, Sept. 28, 2023 /PRNewswire/ -- StoreDot, the pioneer of extreme fast charging (XFC) battery technology for electric vehicles, has signed a landmark multi-year agreement with Volvo Cars to develop an optimized battery for next generation Volvo cars.

This collaboration, with experts from Volvo Cars and StoreDot working together, will lead to the development of XFC cells which will be optimized and tailored for Volvo's future electric vehicle architectures. It's expected that the first samples will be delivered for testing next year.

Dr Doron Myersdorf, StoreDot CEO "This is a highly significant agreement for both StoreDot and Volvo Cars. Our teams are now working together at pace, developing B-sample cells for Volvo Cars' next generation fully electric architectures. There is a huge amount of work to do, optimizing all aspects of the system to meet Volvo's exacting requirements. But we are confident that we will be delivering our fast-charging technology for real world testing as early as next year with the goal to enable Volvo Cars customers to benefit from our game changing XFC battery which enables 100 miles of range in just five minutes."

Javier Varela Chief Operating Officer & Deputy CEO of Volvo "Volvo Cars is already a strategic investor in StoreDot, but this newly agreed collaboration takes our relationship a step further. We are delighted to be working together to develop advanced sample cells for our future EVs. There is a lot of work to be done but the opportunities to develop exciting new charging technologies together are huge. We can't wait to see the fruits of our work being tested in the real world."

Recently StoreDot reported performance feedback for the evaluation and integration A-Samples testing phase of its XFC electric vehicle battery cells. The comprehensive testing programs took place earlier this year by 15 leading global automotive brand manufacturers from Europe, Asia, and the US, as well as several of StoreDot's strategic ecosystem partners.

About StoreDot:

StoreDot is the pioneer and leader of extreme fast charging (XFC) electric vehicle batteries that overcome the critical barriers to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by innovating and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, enabling to charge an EV in under 10 minutes – the same experience as refuelling a conventional combustion engine car.

Through its '100inX' product roadmap, StoreDot's battery technology is delivering 'Range on Demand^TM': 100 miles charged in 5 minutes in 2024, 100 miles charged in 3 minutes by 2028, and extreme energy density solution enabling 100 miles charged in 2 minutes by 2032. StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy. In 2022, the company achieved a world first by demonstrating a live extreme fast charging of an EV battery cell in 10 minutes. StoreDot is on target for mass production readiness of 100in5 technology by 2025.

StoreDot's media kit can be found at this link.

Photo: https://mma.prnewswire.com/media/2234259/Javier_Varela_Doron_Myersdorf.jpg