StoreDot Receives $60 Million for Quick-Charge Electric Vehicle Batteries

Israel based StoreDot, which makes electric batteries that a superfast to charge that are built based upon bio-organic technology, was able to raise $60 million in a funding round that was led by the trucking division of Daimler, with participation as well from Norma Investment, Samsung Ventures and several financial institutions from China to Israel.

Founded in Tel Aviv during 2012, StoreDot is currently operating in three core business units that focus on electric vehicles, screen displays and mobile devices. The company presented its battery technology for the first time in 2014, showing how one day it could be possible to charge a smartphone in just 30 seconds.

In 2015, StoreDot revealed that the electric vehicle industry was in its sights. Two years later, the company has demonstrated through a proof-of-concept showing how its technology of FlashBattery is able to charge a car in full in only five minutes.

The company said its battery technology is based on advanced nano materials and proprietary organic compounds that expedite the speed of charging electric vehicles.

StoreDot added that the batteries were currently in the advanced development stage, and it is expecting that they will be integrated into EVs currently in design phases.

Before now, the company raised close to $70 million through funding, and with the new injection of cash is planning to target its FlashBattery technology at the EV industry.

Daimler became a very notable investor in StoreDot. The automotive giant based in Germany recently announced its plans to speed up its electric vehicle technology during the upcoming five years, and announced a new battery factory for electric vehicles in Germany and a battery plant of $740 million for electric vehicles in China for its brand of Mercedes-Benz.

Indeed as well as joining in on this funding round, Daimler is jumping aboard the program of StoreDot as one of its strategic partners to speed up the adoption of the company’s FlashBattery tech across the entire EV market, the two companies revealed in a prepared statement.

Doron Myersdorf the CEO and co-founder of StoreDot said that having a world leader like Daimler of the automotive space as one of its strategic partners is significantly important for the company.

He added that it would accelerate the development processes’ completion and the introduction of the FlashBattery into the market.

However, the immediate ambitions of Daimler for the fast tracking of the battering charging for EVs are in the trucking arena, said a board member with the arm of the company responsible for buses and trucks.

Leave a Reply

Your email address will not be published. Required fields are marked *