StoreDot has received new investments from leading automakers Daimler, Volvo, Polestar, VinFast and Ola Electric, and is on track to begin mass producing cells capable of delivering 100 miles of charging in five minutes.
The Tel Aviv-based company that specialises in fast-charging battery technology said it has raised a total of $200 million to date. The new series D funding will enable it to expand and fast track production of its ‘100in5’ cells in China as early as 2024, with its long-standing manufacturing partner, EVE Energy.
Sharing further details, it said samples of EV size pouch cells are already being shipped for testing by automotive manufacturers, while cylindrical cells in both 2170 and 4680 formats are currently being optimised with samples planned later this year.
“We are now working with the relevant ecosystem of the charging value chain – from the infrastructure to the vehicle – to optimise StoreDot’s XFC technology for future EV models.” StoreDot CEO Dr Doron Myersdorf said, sharing the company’s plan to grow its production volume capabilities.
“Moreover, our roadmap for automotive manufacturers spans into the next decade, by which time we target to achieve 100 miles of range in just two minutes of charge,” said the CEO.
Among other long-standing partners of StoreDot are BP Ventures as well as TDK and Samsung Ventures. StoreDot has also received significant backing from three venture capital funds, it said.
Last month StoreDot completed a live demonstration showcasing its extreme fast charging battery technology that can deliver 100 miles in 5 minutes. The demonstration took place at EcoMotion Week 2022 in Israel, an increasingly popular global event that brings together leading EV makers.