Italvolt, a maker of electric vehicle batteries, announced on Monday that it will be utilizing the fast-charging battery technology from the Israeli start-up StoreDot for the manufacture of lithium-ion batteries for the plant it is looking to build in Italy.

Italvolt has pledged to reserve some of the batteries made in their factory exclusively for StoreDots and their customers, without mentioning the precise quantity.

Investors such as the truck division of Mercedes-Benz, BP, VinFast, Volvo, Polestar, and Samsung are financing StoreDot, a company that specializes in engineering swiftly charging battery cells for electric cars, featuring silicon-rich electrodes for an expedited charging time.

This project strives to advance cells so that electric vehicles can reach 100 miles within 5 minutes of charging by 2024, with a goal of reducing that to 2 minutes by 2032 in order to make EVs more desirable for customers wary of the current extended charge times.

The potential for quick recharging could allow EV creators to utilize smaller battery packs, thus cutting down the cost of their vehicles.

At present, StoreDot has granted technology authorization to EVE Energy (300014.SZ) to manufacture batteries in China and distribute them to places in both China and Korea.

Myersdorf noted to Reuters that joining forces with this partner would give them the ability to have a production partner near clients in Europe.

Italvolt is among a few emerging battery companies endeavoring to finance and create an indigenous European battery industry to rival the Eastern powerhouses that reign over international sales.

Lars Carlstrom’s business is currently holding discussions with an institutional investor for the purpose of investing €500 million ($541 million) across 2023 to start manufacturing. That is what Carlstrom declared.

The total expenditures for the 45 gigawatt-hour facility are estimated to be up to 3 billion euros.

The business is also discussing potential financial assistance from the Italian authorities, yet it commented that it was too early to provide specific numbers.