StoreDot, a Herzliya-based startup developing state-of-the-art battery tech for electric automobiles using innovative materials, has raised US$ 80 million in a Series D funding round led by VinFast on 4 January 2022.
Investors: The latest investment round featured VinFast as the lead investor. The startup has managed to raise, in total, over US$ 210 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the funding round towards developing extreme energy density cells based on solid-state tech for future deployment and financing its R&D for building silicon-based extreme fast charge (XFC) battery cells for EVs. It will also allow scaling its California-based R&D centre and ramping up operations in economic hubs, becoming ever ready for the complete large-scale manufacture of cells in 2024.
About StoreDot
Brought to existence in 2012 by Doron Myersdorf and Simon Litsyn, StoreDot has transformed the conventional lithium-ion battery by structuring and synthesising proprietary inorganic and organic compounds. It has developed an innovative battery that can fully charge an EV in only 300 seconds, equivalent to the time taken to refuel a fossil fuel-powered vehicle. The firm’s battery tech has been enhanced to offer top-notch driver service with XFC in Li-ion batteries, coupled with new-age tech for extreme energy-density (XED). The firm’s tactical backers are TDK, VinFast, bp, Daimler and Samsung Ventures. Taking the XFC battery tech from its lab to commercial EVs for the premier time, the firm has released engineering samples of its XFC tech, which are structured to be produced at a large scale on conventional lithium-ion assembly lines.
What the Founder has to say: “The new investment round, with major investors arriving from front-line technology, automotive and energy firms, is a massive testimony of our leading technology. Our world-class technology and innovation, XFC battery technologies, long-term product roadmap have all been implemented to provide answers for the Range Anxiety of EV drivers.”- Doron Myersdorf, CEO and Co-Founder of StoreDot.
What the Investor has to say: “Optimising customer experience has been our foremost priority. We have shown robust commitment in research, linking worldwide intelligence by establishing collaborations with and backing innovative technology firms, particularly in the EV battery domain like StoreDot and its extreme fast charging (XFC) proprietary tech.”- Pham Thuy Linh, Deputy CEO of VinFast.
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