Battery developer StoreDot plans to go public via SPAC merger
The merger aims to accelerate the market introduction and production of StoreDot’s XFC battery cells. The acronym XFC stands for Extreme Fast Charging, which refers to ultra-fast charging technology. StoreDot defines this as charging a traction battery from 10 to 80 per cent state of charge in just ten minutes—and has already demonstrated this with a prototype of the Polestar 5, which featured a special 77 kWh XFC battery. Additionally, StoreDot states that seven further automotive manufacturers have already validated the technology.
StoreDot emphasises that its XFC technology is already patented and ready for series production, enabling rapid market introduction. The Israeli company uses a capital-efficient licensing model designed as a ‘drop-in’ solution, compatible with existing lithium-ion production lines. In February, the company announced its first such partnership with the battery technology firm JR Energy Solution from South Korea. This licensing model is intended to speed up market introduction and commercialisation while eliminating the need for new production infrastructure.
The merged company will continue to be led by Doron Myersdorf as Chief Executive Officer, alongside StoreDot’s experienced management team. The merger with Andretti Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC)—essentially a publicly traded shell company without operational business—is set to accelerate StoreDot’s path to the stock market. Notably, Andretti Acquisition Corp. II is backed by Mario Andretti (1978 Formula 1 World Champion) and his son Michael Andretti (also a former racing driver).
Doron Myersdorf, CEO of StoreDot, commented: “Partnering with Andretti II SPAC and its iconic team provides us with the ideal platform and resources to dramatically scale our production and commercialisation efforts. Our mission is to eliminate range and charging anxiety, and we believe this transaction fuels our ability to deliver XFC to EV drivers globally. The strong momentum we have with leading OEMs, who are in the process of validating and integrating our cells, proves that the industry is ready for minutes-long charging. Together with the Andretti team, we are set to transform the EV landscape.”
Andretti is contributing a cash position of approximately $242 million to the merger, of which nearly $20 million will cover transaction costs, while around $222 million will be allocated to StoreDot for its business activities. No further capital raise is currently planned.
The transaction values StoreDot at a pre-money equity value of $800 million, with existing shareholders, option holders, and warrant holders transferring 100 per cent of their equity. The company’s enterprise value is estimated at approximately $882 million post-merger.
“We believe this business combination marks a pivotal moment in the future of electric mobility,” said Michael Andretti, a director of and Special Advisor to Andretti Acquisition Corp. II. “The Andretti name is synonymous with speed, innovation, and winning, and we see all of that in StoreDot’s XFC technology. They have established incredible momentum, securing strategic partnerships and investment from global automotive and technology giants. Our partnership is about more than capital; it’s about accelerating the deployment of this critical technology to consumers worldwide and cementing the combined company as a market leader.”
The transaction is expected to close in the second quarter of 2026, subject to certain closing conditions and regulatory approvals.
This article was first published by Florian Treiß for electrive’s German edition.
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