Fast-charge EV battery maker StoreDot pulls in $80M led led by Vietnam’s VinFast

Published by
Peter Kavinsky

StoreDot, the Israeli next-generation battery technology startup touting an “extreme fast charging” (XFC) battery for electric vehicles, has secured the first close of its latest funding round led by Vietnamese electric vehicle manufacturer, VinFast. The Series D round is due to close at up to $80 million.

The capital will be used for the completion of StoreDot’s R&D and mass production scale-up of its technology, which, says the company, is currently being shipped to automotive manufacturers for testing.

VinFast licenses and makes BMW-based cars out of Vietnam. Other Series D participants include bp ventures and Golden Energy Global Investment.

Dr Doron Myersdorf, StoreDot CEO: “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 EV drivers.”

StoreDot has also secured partnerships with Daimler, Samsung, TDK and Chinese battery mass manufacturer EVE Energy. Its novel lithium-ion cell design claims to be capable of extremely fast charge rates and able to charge a vehicle from flat in just a few minutes.

Its XFC batter (eXtreme Fast Charge) relies on a silicon-based anode, which as commonly made from graphite, has a high energy density, and may potentially be more longer lasting than traditional batteries.

Pham Thuy Linh, Deputy CEO, VinFast said: “We have been making dedicated efforts in research, connecting global intelligence by forming partnerships with and investing in breakthrough technology companies, especially in EV battery such as StoreDot and its extreme fast charging (XFC) proprietary technology.”

Source: Tech

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

Share
Published by
Peter Kavinsky

Recent Posts

  • News

Cambres Mayores resigned himself to the fact that he lives without running water for 22 hours in a row | Society

Nearly 1,800 residents of the city of Huelva in the city of Cumbres Maiores will…

3 mins ago
  • News

The Baltic Sea will become a NATO inland sea

Estonia and Finland have agreed to unite coastal defense after the latter joins the NATO…

8 mins ago
  • News

The “Ukrainian bookshelves” project was supported by more than 10 European countries

It is thanks to Ukrainian books that children who left Ukraine because of Russian aggression…

9 mins ago
  • News

ATLETICO MADRID FOOTBALL – Koke: "we are very strong"

ATLETICO MADRID FOOTBALL - Koke: "we are very strong"

13 mins ago
  • News

9 Things to Remember Before Watching She-Hulk Attorney at Law and More

She-Hulk is Bruce Banner's cousin. The Hulk appears to be training She-Hulk in the trailer.Marvel…

22 mins ago
  • News

The first ship arrived in Ukraine for grain from Chornomorsk . port

The port "Chernomorsk" left the first ship entering Ukrainian ports to load agricultural products. It…

26 mins ago