Last updated on April 23rd, 2023 at 05:55 pm
StoreDot, an Israeli-based company that produces extreme fast charging high-energy battery solutions for electric vehicles, has signed a joint development agreement with VinES, a transformative energy solutions provider and a member of Vingroup. The collaboration will research, develop and offer extreme fast charge battery cells in different form factors, in preparation for mass production and supply. If successful, it will mean the creation of next generation batteries that will be able to pick up 100 miles of charge in just 2 minutes, by 2032.
StoreDot will license and share its proprietary extreme fast charge (XFC) technology while VinES will provide its know-how and experience with multiple form factor development, manufacturing, validation and global supply chain networks. The first generation of this XFC battery cell is expected to be commercially available in 2025 and immediately adopted by VinFast vehicles.
We reported back in January, that StoreDot was already testing with 15 global OEMs to see how well this new technology can be integrated into modern EV designs. Speaking about the batteries that StoreDot expect to be producing by 2025, CEO Dr Doron Myersdorf said, “We are receiving positive feedback about the real-world viability of our technologies. This is an extremely encouraging endorsement.”
This new partnership builds on VinFast's strategic investment into StoreDot during the Series D funding round in January 2022, marking a new milestone in the cell technology development between both companies. The XFC battery technology is set to offer improved customer experience, cost savings, and eliminate charging time anxiety entirely. The venture will see the combination of StoreDot's XFC cell chemistry and VinES's complimentary form-factor development, manufacturing, evaluation, certification, and supply chain capabilities deliver world-class market-leading EV batteries that will raise the bar further for the industry.
StoreDot's revolutionary XFC electric vehicle batteries overcome the critical barriers to mainstream EV adoption – range and charging anxiety. Through its ‘100inX' product roadmap, the company's battery technology delivers ‘Range on Demand’. In real terms, the on-going development is expected to deliver 100 miles of range to the vehicle in:-
- 5 minutes by 2024
- 3 minutes by 2028
- 2 minutes by 2032, once the extreme energy density solution has been enabled
VinFast, a member of Vingroup, was established in 2017 and is committed to driving the global smart electric vehicle revolution. The Vietnamese company owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
Dr. Doron Myersdorf, StoreDot CEO, expressed his delight at the partnership with VinES and further cementing long-standing relationships with Vingroup and VinFast. He believes this venture is important for StoreDot as they look to build more partnerships with companies at every level of the EV battery ecosystem.
Ms Pham Thuy Linh, CEO of VinES, shared similar sentiments about the partnership, stating that the partnership with StoreDot reflects VinES's complementary strategies by combining global innovative technologies with those in-house in their state-of-the-art production of electric vehicle batteries in Vietnam. She is excited to work towards the commercialisation of the XFC technology and contribute to the acceleration of the EV revolution globally.
This is a story that we have been watching evolve with interest in recent years. There will be significant changes to battery technology over the next decade, with increases in available power, speed of recharge and less impact on the environment. Let's hope that the entrepreneurial spirit of these new companies wins out.