Porsche AG is teaming up with German lithium-ion specialist Custom Cells for a joint venture to develop high-performance batteries that will reduce charging times.

On Sunday, Volkswagen’s luxury sports car unit revealed its plans to produce new battery cells that are expected to charge in less than 15 minutes and cut down the number of raw material batteries require to reach the same range.

The move will also allow for a decrease in the cost of production, which will make electric cars more affordable.

Porsche will hold 80% of the joint venture and is set to invest tens of millions of dollars into the project.

Porsche AG will rely on silicon for the anode material to create a higher energy density compared to the design of its current electric cars and a more compact battery.

“The battery cell is the combustion chamber of tomorrow,” Oliver Blume, the chairman of the executive board of Porsche AG, said in a statement.

“Our electrified high-performance sports and racing cars place the highest demands on battery technology. To meet these demands, Porsche needs special high-performance cells. Silicon has big potential.”

Porsche’s electric car model, Taycan, currently takes 22.5 minutes to charge the battery from 5% to 80%, according to Blume.

The announcement to upgrade its catalog of electric cars appears to be a move by European carmakers to compete with Tesla, Inc. and lessen its dependence on Asia for effective batteries.

Porsche should be able to produce enough batteries for around 1,000 sportscars a year. The company is expected to begin small-scale production in 2024.

porsche taycan turbo s 2019
Porsche Taycan Turbo S 2019 Porsche