StoreDot, an Israeli-based developer and manufacturer of fast charging (XFC), battery technology for electric cars, announced the closing of its Series D funding round. The majority of these funds have been secured already.
VinFast, a Vietnamese manufacturer of electric vehicles, is the lead investor. It plans to increase manufacturing and use StoreDot’s Extreme Fast Charger in future EV architectures. Participants include bp Ventures, an active investor, and Golden Energy Global Investment Ltd. which is a wholly-owned company owned by Dr. Liu Jincheng, founder of EVE Energy.
StoreDot will use the capital to complete its R&D and mass production scale-up of silicon dominant extreme fast charging (XFC), battery cells by 2024. It will also continue work on Extreme Energy Density cell technology based on Solid State technology. The company can also increase its California-based R&D centre and scale up operations at key locations around the world in preparation for full production in 2024.
Cell samples are currently being shipped by the company to automotive industry leaders for testing in real-world environments
StoreDot’s CEO Doron Myersdorf is a pioneer in extreme fast charging (XFC), batteries that can overcome the major barrier to widespread EV adoption. StoreDot has developed and synthesized proprietary organic and inorganic chemicals that can fully charge an EV in five minutes. This is the same time it takes to refuel a traditional combustion engine vehicle. StoreDot is currently in talks with major global car manufacturers to integrate its XFC technology into future models. The company has a clear technology roadmap, including its next-generation XED and extreme energy density solid-state cells. Mass production is planned for 2028.