StoreDot secures $80 million in funding
Israeli battery developer StoreDot has announced the first close of its Series D funding round of up to $80 million, the majority of which has already been secured.
The main investor is the up-and-coming Vietnamese electric car manufacturer VinFast, with whom StoreDot had previously entered into a development cooperation. BP Ventures, the investment arm of the British oil company BP, and Golden Energy Global Investment are also participating in the financing round. Golden Energy Global Investment is fully owned by Liu Jincheng, the founder of EVE Energy, another cooperation partner of StoreDot.
The Israeli company had demonstrated an interim step in 2019 showcasing that their technology could charge the battery of an electric scooter in five minutes. The first development samples were demonstrated to potential partners in early 2021. Then, in May 2021, the cooperation with EVE Energy was announced, which includes the production of the cells from 2024.
According to StoreDot, the money from the D financing round will be used to develop the XFC battery cells. This refers to the company’s fast-charging electric car battery cells with a silicon-dominated anode, which should also enable high energy densities. “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,” says StoreDot CEO Doron Myersdorf. “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.”
VinFast plans to use these battery cells in its vehicles. “Enhancing customer experience is our top priority,” says Pham Thuy Linh, deputy chief executive officer of VinFast. “StoreDot which is led by gifted scientists and experienced entrepreneurs, along with strong support from VinFast and other strategic investors, is believed to gear up for mass production globally in a very near term.”
StoreDot also says it will be able to ramp up its California R&D centre with the funding. StoreDot had announced the move in October.