Israeli battery startup StoreDot develops extremely fast battery cells that take EV charging from hours to 5 minutes; lands $80M led by VinFast
Battery technology hasn’t changed in over three decades. Now, one Israeli tech startup is aiming to change the status quo and disrupt the electric vehicle (EV) battery market with extremely faster charging that takes EV charging from hours to minutes.
Enter StoreDot, a Tel Aviv, Israel-based tech startup that has revolutionized the conventional Li-ion battery by designing and synthesizing 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.
To further complete its R&D and mass production scale-up of silicon dominant extreme fast charging (XFC) battery cells by 2024, StoreDot announced today it has announced the first close of its Series D funding round of up to $80 million, the majority of which have already been secured.
The round is led by key strategic investors, strengthening StoreDot’s partnerships in the global automotive battery eco-system. The lead investor is the fast-growing flagship Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures.
Other backers include bp ventures, a current StoreDot investor and active partner, underpinning its purpose of reimaging energy for people and our planet. In addition, Golden Energy Global Investment Ltd., a wholly-owned company by EVE Energy’s founder, Dr. Liu Jincheng, will be one of the participants in the funding round.
Founded in 2012 by a strong technological team of noted scientists and device engineering experts including CEO Dr. Doron Myersdorf, Gil Rosenman, and Simon Litsyn, StoreDot is a pioneer of extreme fast charging (XFC) battery technology that overcomes the critical barrier to mainstream EV adoption – range and charging anxiety.
Unlike the batteries currently on the market, StoreDot has developed ground-breaking battery technologies based on the design and synthesis of both organic and inorganic compounds. StoreDot is currently shipping cell samples for real-world testing by leading automotive manufacturers.
StoreDot’s battery technology is optimized for the best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED). StoreDot’s strategic investors include VinFast, bp, Daimler, Samsung Ventures, and TDK.
In 2019, the company achieved world first by demonstrating the live full charge of a two-wheeled EV in just five minutes. In 2020, the company demonstrated the scalability of its XFC batteries by fully charging a commercial drone in five minutes in another world first. Moving XFC battery technology from the lab to a commercially-viable electric vehicle for the first time, StoreDot has launched engineering samples of its XFC batteries that are designed to be manufactured at scale on traditional Li-ion production lines.
By replacing known materials and technologies with enhanced electrochemical properties, StoreDot’s proprietary compounds, combined with nano-materials, are optimized for Extreme Fast Charging – XFC of electric vehicles. StoreDot’s batteries are designed to replace known technologies by means of enhanced physical, chemical, electrical, and optical properties.
StoreDot also said it will use the funding proceeds to complete StoreDot’s research and development for its silicon-dominant extreme fast charge (XFC) battery cells for electric vehicles and continue its 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.
In a statement, Myersdorf said, “This strategic round of funding, with principal investors coming from leading automotive, energy, and technology companies, is a huge vote of confidence in StoreDot, its XFC battery technologies, our long-term product roadmap, and our world-class technology and innovation that are all aimed to solve the Range Anxiety of EV drivers.
“We are now properly funded to take our silicon-dominant XFC cells to the end of the R&D phase and into scale-up in readiness for mass production in 2024 for global vehicle manufacturers. It will help overcome the major barrier to EV ownership – charging times – providing a 50% reduction, and, ultimately, helping us all achieve a zero-emissions, clean world.”
Pham Thuy Linh, Deputy CEO, VinFast said: “Enhancing customer experience is our top priority. We have been making dedicated efforts in research, connecting global intelligence by forming partnerships with and investing in breakthrough technology companies, especially in EV batteries such as StoreDot and its extremely fast charging (XFC) proprietary technology.
Meanwhile, StoreDot is in advanced talks with leading global carmakers for the 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.
Below is a video of StoryDot CEO Myersdorf discussing the company’s 5-minute fast charging technology