By Dominic Chopping

STOCKHOLM--Swedish high-performance electric-car brand Polestar said Tuesday that it has invested in StoreDot, an Israel-based extreme-fast-charging battery technology company.

StoreDot is developing silicon-dominant extreme-fast-charging batteries for electric vehicles, aiming to produce batteries capable of charging up to 160 kilometers of range in five minutes, by 2024.

Polestar, co-founded by Volvo Car AB and Zhejiang Geely Holding Group in 2017, said the deal will explore adapting and applying StoreDot technology to proof-of-concept Polestar cars.

If pilot projects that are currently underway are successful, these solutions could be implemented in Polestar cars by 2026, it added.

"Our technologies have huge potential to eradicate charging and range anxieties for future Polestar owners," StoreDot Chief Executive Doron Myersdorf said.

Financial details weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 24, 2022 04:43 ET (08:43 GMT)