StoreDot ramps up growth with support of major automotive brands

Fast charging firm StoreDot has formed a number of strategic partnerships, which include Daimler and Polestar, to continue its global expansion.

StoreDot, which has raised a total of $200M to date has now received investments from major global automotive manufacturers including Daimler, Volvo, Polestar, VinFast and Ola Electric. It is already working closely with its partners to collaborate on future electric vehicle fast charging architectures

The company is moving towards mass production of its ‘100in5’ cells in China, with its long-standing manufacturing partner, EVE Energy. Samples of Electric Vehicle size pouch cells are already being shipped for testing by automotive manufacturers. In addition, cylindrical cells in both 2170 and 4680 formats are currently being optimized and are planned to be sampled later this year.

Dr Doron Myersdorf, StoreDot CEO, said: “Our growing global network of strategic partnerships and our expanding geographical footprint demonstrate that StoreDot is much more than just an innovator of extreme fast-charging battery technologies. We now have an unprecedented group of strategic investors and partners that span the entire battery ecosystem, and we are collaborating with our partners to make Extreme Fast Charging a reality while we plan to grow our production volume capabilities.

“We are now working with the relevant ecosystem of the charging value chain – from the infrastructure to the vehicle – to optimize StoreDot’s XFC technology for future EV models.

“It is therefore essential that we engage with the right partners including a global manufacturing footprint, to rapidly progress towards volume production in 2024. Moreover, our roadmap for automotive manufacturers spans into the next decade, by which time we target to achieve 100 miles of range in just two minutes of charge.”

Further long-standing partners include BP Ventures, which is a mutual advocate for fast-charging and the need to align the charging infrastructure with the ecosystem efforts, as well as TDK and Samsung Ventures. StoreDot has also received significant backing from three venture capital funds.

Last month StoreDot completed a live demonstration showcasing its extreme fast charging battery technology already capable of delivering 100 miles in 5 minutes. The demonstration took place at EcoMotion Week 2022 in Israel, an increasingly popular global event that brings together leading EV makers.

Want the latest Electric vehicle news in your inbox? Sign up to the free EV Powered email newsletter...