Polestar and StoreDot Successfully Charge Polestar 5 Prototype From 10-80% in 10 Minutes

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Polestar and StoreDot have successfully demonstrated the implementation of StoreDot’s Extreme Fast Charging (XFC) technology in a car for the first time, charging a Polestar 5 prototype from 10-80% in just 10 minutes. The battery pack, which has the potential for an extended range of 200 miles in 10 minutes, signifies a significant advancement in electric vehicle charging technology. This breakthrough showcases the potential for widespread electric car adoption by addressing charging anxiety and offering a comparable charging experience to traditional fuel-powered vehicles.

Positive

• Polestar and StoreDot successfully demonstrated the implementation of Extreme Fast Charging (XFC) technology, achieving a 10-80% charge in 10 minutes for a Polestar 5 prototype.
• The specially commissioned 77 kWh battery pack can potentially add 200 miles of range to a mid-sized electric car within 10 minutes, marking a substantial advancement in fast-charging technology.
• Polestar CEO Thomas Ingenlath highlights the importance of reducing charging anxiety for EV owners and enhancing the overall driving experience through innovative technology partnerships.
• StoreDot’s XFC technology utilizes silicon-dominant cells with comparable energy density to state-of-the-art NMC cells, offering improved charging efficiency without requiring specialized cooling systems in the vehicle.
• The successful demonstration of XFC technology with consistent charge speeds across a wide state-of-charge range signifies a significant leap towards making electric vehicle ownership more convenient and comparable to refueling gasoline-powered cars.

Negative

• Despite the impressive advancements in charging speed, the widespread adoption of XFC technology may face challenges related to infrastructure compatibility and scalability.
• The potential to increase the battery pack size to at least 100 kWh could lead to increased weight and cost considerations for future Polestar vehicles.
• While the XFC technology is a promising step towards reducing charging times, the long-term durability and performance of silicon-dominant cells compared to traditional battery technologies remain to be fully evaluated.

Automotive Industry Analyst

Polestar's collaboration with StoreDot to achieve a 10-80% charge in just 10 minutes represents a significant advancement within the electric vehicle (EV) sector. Current EV models typically require significantly longer to achieve comparable levels of charge. This breakthrough suggests a shift towards addressing the long-standing issue of 'charging anxiety,' which is a critical barrier to consumer adoption of EVs. If this technology can be scaled and integrated into production vehicles at a competitive cost, it has the potential to increase the attractiveness of EVs by making them more convenient and reducing downtime during long trips. This aligns with industry trends favoring faster charging capabilities and could give Polestar a competitive edge in the premium EV market. The impact on Polestar's stock value could depend on the company's ability to commercialize this technology and secure its integration into future vehicle lineups.

Financial Analyst

The efficient charging capabilities demonstrated by Polestar could foster partnerships or increase market share in the EV industry. This innovation may correspond with future revenue growth projections, as quicker charging technology is likely to be a key differentiator for consumers. It will be vital to monitor the capital expenditure requirements for this technology's development and deployment. Whether the costs associated with implementing such technology will be absorbed by increased vehicle prices or will compress margins could be a determining factor for investors. As Polestar potentially gains first-mover advantage in this space, the long-term financial impact hinges on the ability of competitors to quickly respond with similar or alternative fast-charging solutions.

Battery Technology Specialist

The promising results from Polestar and StoreDot could represent a leap forward in battery technology and EV infrastructure compatibility. The use of silicon-dominant cells in the XFC battery presents a notable shift from the traditional lithium-ion chemistries. The cells' energy density being on par with NMC cells is crucial, as it implies no compromise on the range per charge. Moreover, the structural function of the XFC battery's modules not only enhances the mechanical properties but also suggests design innovation aimed at maintaining or reducing vehicle weight. The recyclability and serviceability of these batteries are integral to the sustainability commitments of many automakers. The consistent high-power charging rate without the need for specialized cooling systems is also a noteworthy achievement that may set new industry benchmarks.

GOTHENBURG, Sweden--(BUSINESS WIRE)-- Polestar and fast-charging battery pioneer StoreDot have successfully demonstrated the implementation of StoreDot’s Extreme Fast Charging (XFC) technology in a car for the first time, charging a Polestar 5 prototype from 10-80% in just 10 minutes. The fully driveable verification prototype saw a consistent charge rate starting at 310 kW and rising to a peak in excess of 370 kW at the end of charging.

Polestar and StoreDot successfully charge Polestar 5 prototype from 10-80% in 10 minutes (Photo: Business Wire)

This world-first demonstration of a 10 minute 10-80% extreme fast charge using silicon-dominant cells in a driveable vehicle – rather than individual cells in a laboratory environment – is the continuation of Polestar’s commitment to developing the best driving experience for the future through innovative technology partnerships. The specially commissioned 77 kWh battery pack – which has the potential to be increased to at least 100 kWh, could add 200 miles (320 km) of range to a mid-sized electric car in 10 minutes.

This XFC test by Polestar and StoreDot battery engineers was designed to demonstrate proof-of-concept for XFC battery technology that could be applied to future Polestar vehicles.

Thomas Ingenlath, Polestar CEO, says: “Time is one of life’s greatest luxuries, and as a manufacturer of luxury electric performance cars, we need to take the next step to address one of the biggest barriers to EV ownership – charging anxiety. With this new technology, on longer journeys when drivers do stop they’ll be able to spend less time charging and be back on the road faster than before. In fact, that stop time will be more akin to what they experience with a petrol car today.”

StoreDot’s revolutionary XFC technology utilises silicon-dominant cells with an energy density on par with state-of-the-art NMC cells, and does not require specialist cooling systems in the vehicle. The experimental XFC battery’s modules have a structural function which improves mechanical properties and cooling ability while maintaining or reducing weight levels, with high recyclability and serviceability also paramount in the design of the pack.

In today's commercial EV batteries, fast charging rates can vary greatly depending on the battery’s state of charge (SOC), sometimes dropping significantly as SOC increases. During this test, Polestar saw charging speed rise from 310 kW at 10% SOC to over 370 kW at 80% SOC, proving the technology’s steady charging rate with no significant change in charging speed or efficiency whenever a driver decides to stop within this wide state-of-charge range.

Importantly, the test proves XFC technology works with today’s DC charging infrastructure, which continues to feature more high-power DC chargers of 350 kW or higher.

This means drivers will be able to spend less time stopped to charge their vehicle, which for a 10-80% charge on many modern EVs could still take around 30 minutes. By reducing that time to 10 minutes, the charging time for a vehicle with XFC technology is much closer to what you would experience when filling a car with petrol. And thanks to the consistent charge speeds on offer, with a suitable charger, consumers could stop for five minutes at 50% SOC and continue their journey with over 80% SOC.

Dr. Doron Myersdorf, CEO of StoreDot, comments: "We are very excited to share this impressive achievement today and proud to be on this journey with Polestar. Polestar’s commitment acknowledges that extreme fast charging technology is necessary to make widespread electric car adoption a reality. This breakthrough revolutionises ownership by eradicating the barrier of range and charging anxiety once and for all as drivers will be able to travel long distances with the same freedom and convenience as traditional fossil fuel-powered vehicles."

A film showing the testing procedure can be found here: https://www.polestar.com/global/news/how-we-charged-a-polestar-in-10-minutes/

Ends.

About StoreDot

StoreDot is the pioneer and world 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 the charging of an EV in under 10 minutes – similar experience to refueling a conventional combustion engine car.

Through its '100inX' product roadmap, StoreDot's battery technology is delivering ‘Range on Demand™’: 100 miles charged in 5 minutes in 2024, 100 miles charged in 4 minutes in 2026, and 100 miles charged in 3 minutes by 2028. StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy.

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

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific.

Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.

The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.

Forward-Looking Statements

This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429036717/en/

Graeme Lambert

graeme.lambert@polestar.com

Head of Design & Innovation PR

Source: Polestar

FAQ

What technology did <b>Polestar</b> and <b>StoreDot</b> demonstrate in the car for the first time?

Polestar and StoreDot successfully demonstrated the implementation of StoreDot’s Extreme Fast Charging (XFC) technology in a car for the first time, achieving a 10-80% charge in 10 minutes for a Polestar 5 prototype.

What is the battery size used in the Polestar 5 prototype for the charging demonstration?

The specially commissioned 77 kWh battery pack used in the Polestar 5 prototype has the potential to be increased to at least 100 kWh and could add 200 miles of range to a mid-sized electric car in 10 minutes.

Who is the CEO of <b>Polestar</b> and what is his view on the impact of XFC technology?

Thomas Ingenlath, Polestar CEO, emphasizes the importance of reducing charging anxiety for EV owners and enhancing the driving experience through innovative technology partnerships.

What are the potential challenges related to the widespread adoption of XFC technology?

Despite the impressive advancements in charging speed, challenges related to infrastructure compatibility and scalability may impact the widespread adoption of XFC technology.

How does StoreDot's XFC technology compare to traditional fast-charging systems in EVs?

StoreDot’s XFC technology utilizes silicon-dominant cells with comparable energy density to state-of-the-art NMC cells, offering improved charging efficiency without requiring specialized cooling systems in the vehicle.