StoreDot raises upto $80 million Series D to manufacture extreme fast charge battery cells

StoreDot – an Israel based battery company focussed on extreme fast charging (XFC) battery technology for electric vehicles, has announced the first close of its Series D funding round of up to $80 million. The funds raised by this round will be used to complete StoreDot’s research and development for its silicon-dominant extreme fast charge (XFC) battery cells for electric vehicles. This funding also enables the company to ramp up its California-based R&D center and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024, the company statement said.

The lead investor is the Vietnamese electric vehicle manufacturer, VinFast, a member of Vingroup. Other participants included bp ventures and Golden Energy. StoreDot’s strategic investors also include Daimler, Samsung Ventures and TDK.

“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. The silicon-dominant XFC cells will help overcome the major barrier to EV ownership – charging times – providing a 50% reduction”, said the company CEO, Dr Doron Myersdorf. In 2019, the company claims to have demonstrated the live full charge of an electric 2W in five minutes. In 2020, the company demonstrated the scalability of its batteries by charging a commercial drone in five minutes.

In Dec 2021, StoreDot released a statement about achieving a major goal of producing silicon dominant XFC cells that charge in 10 minutes and maintain at least 80% of energy after 850 consecutive extreme fast charging cycles with an outstanding energy density of 300Wh/kg and 680 Wh/l.

StoreDot claims that its XFC batteries can be manufactured at scale on traditional Li-ion production lines. Alongside, the company’s technology roadmap also includes producing extreme energy density solid state cells with planned mass production in 2028.