StoreDot Raises Up To $80M Series D Funding Round
Jan 11, 2022
StoreDot, a Herzeliya, Israel-based developer of fast charging (XFC) battery technology for electric vehicles, announced the first close of its Series D funding round of up to $80m, the majority of which have already been secured.
The lead investor is the Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures. Participants include bp ventures, a current investor and active partner, and Golden Energy Global Investment Ltd., a wholly owned company by EVE Energy’s founder, Dr. Liu Jincheng.
The capital will be used for completion of StoreDot’s R&D and mass production scale-up of silicon dominant extreme fast charging (XFC) battery cells by 2024 for electric vehicles and continue the progress on Extreme Energy Density cells based on Solid State technology for future deployment. This funding also enables the company to ramp up its California-based R&D center and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024.
The company is currently shipping cell samples for real-world testing by leading automotive manufacturers
Led by Dr Doron Myersdorf, CEO, StoreDot is a pioneer and leader of extreme fast charging (XFC) batteries that overcome the critical barrier to mainstream EV adoption. The company has designes and synthesizes proprietary organic and inorganic compounds, making it possible to fully charge an EV in just five minutes – the same time it takes to refuel a conventional combustion engine vehicle. StoreDot is in advanced talks with leading global car makers for integration of its XFC technology into their future models. The company demonstrates a clear technology roadmap including its next generation XED, extreme energy density solid state cells with planned mass production in 2028.