VinFast led a $80 million funding round in Israel-based fast charge EV battery startup StoreDot

January 06, 2022 | 11:47
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A coalition of international investors, including VinFast of Vingroup, has funded $80 million in StoreDot, an innovative firm that builds fast-charging electric car batteries.
VinFast led a $80 million funding round in Israel-based fast charge EV battery startup StoreDot
StoreDot is a pioneer in developing extreme fast-charging battery technology for EVs

A $80 million Series D fundraising round for Israel-rooted startup StoreDot, the pioneer in the development of extreme fast-charging (XFC) battery technology for electric vehicles (EV), has accomplished its first close, cited newswire Globes.

EV maker VinFast – a subsidiary of Vietnam-based Vingroup – which aspires to ramp up production and use StoreDot's rechargeable batteries in its vehicles, is leading the round. BP Ventures and Golden Energy Global Investment are also partaking in the fundraising arrangement.

Russian billionaire Roman Abramovich – the owner of Chelsea football club – is one of the investors, as well as BP, Daimler, and Samsung.

Founded in 2015, StoreDot is a battery developer and materials innovation leader, developing ground-breaking battery technologies based on the design and synthesis of both organic and inorganic compounds.

The fresh funding will be utilised to complete StoreDot's advancement and mass manufacturing scale-up of silicon-dominant XFC battery cells by 2024, according to the company's statement. Carmakers are now receiving cell samples from the business for real-world testing.

“Replacing known materials and technologies with enhanced electrochemical properties, StoreDot's proprietary compounds, combined with nano-materials, are optimised for XFC of EVs. In 2019, StoreDot achieved a world first when it demonstrated the first live full charge of a two-wheeled vehicle in five minutes,” StoreDot described itself on the official website.

"This strategic round of funding, with principal investors coming from leading automotive, energy and technology companies, is a huge vote of confidence in StoreDot, its XFC battery technologies, our long-term product roadmap and our world-class technology and innovation that are all aimed to solve the range anxiety of electric vehicle drivers,” said Dr. Doron Myersdorf, CEO of StoreDot.

He added, "We are now properly funded to take our silicon-dominant XFC cells to the end of the research phase and into scale-up in readiness for mass production in 2024 for global vehicle manufacturers. It will help overcome the major barrier to EV ownership, providing a 50 per cent reduction in charging times, and, ultimately, helping us all achieve a zero-emissions, clean world.”

According to Globes, StoreDot said that it is in detailed specifications with the world's top automobile manufacturers about incorporating its XFC technology into their automotive components. The business has offered a clear technical roadmap, which includes its next-generation XFD solid-state cells, which have an exceptional energy density and are expected to reach commercial production in 2028.

Meanwhile, VinFast announced on January 4 that it would accept pre-orders for its electric SUV models VF e35 and VF e36 in both Vietnam and the US during the VinFast Global EV Day, which will be held in conjunction with the CES 2022 technology exhibition in Las Vegas, Nevada.

During the event, VinFast would demonstrate how it deploys blockchain technology into the ordering process, as well as future promotions for its customers.

In December, Vingroup established a Singapore-based holding company to acquire an interest in VinFast's activities in Vietnam in preparation for the automaker's planned offering on the New York Stock Exchange in the second half of 2022. VinFast was also rumoured to merge with a special purpose acquisition company for a US listing, VIR previously reported.

By Celine Luu

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