StoreDot to raise $80m for fast charging silicon battery
Israeli battery developer StoreDot is raising $80m to bring its fast charging silicon battery cells to production.
The company pivoted its extreme fast charging (XFC) battery technology for electric vehicles last year with its second generation silicon nanoparticle technology and plans to have its third generation technology in volume production by 2028.
This second generation technology will target 20 miles per minutes which will give roughly 100 miles in five minutes, Dr Doron Myersdorf, StoreDot CEO previously told eeNews Power. “The reason we are not going to a full charge in five minutes is we are trying to go and in hand with the infrastructure upgrades,” he said.
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The first close of its Series D funding round of up to $80 million was led by fast-growing Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures.
Participants include bp ventures, a current StoreDot investor and active partner, as well as Golden Energy Global Investment Ltd., a wholly owned company by EVE Energy’s founder, Dr. Liu Jincheng. EVE has been a key manufacturing partner for StoreDot.
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 and continue its progress on Extreme Energy Density cells based on Solid State technology for future deployment. This funding also enables the company to ramp up its California-based R&D centre and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024.
“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,” said Myersdorf.
“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. It will help overcome the major barrier to EV ownership – charging times – providing a 50 percent reduction, and, ultimately, helping us all achieve a zero-emissions, clean world,” he said.
“Enhancing customer experience is our top priority. 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. StoreDot which is led by gifted scientists and experienced entrepreneurs, along with strong support from VinFast and other strategic investors, is believed to gear up for mass production globally in a very near term,” said Pham Thuy Linh, Deputy CEO at VinFast.
StoreDot is in advanced talks with leading global car makers for integration of its XFC technology into their future models. The Company demonstrates a clear technology roadmap including its next generation XED, extreme energy density solid state cells with planned mass production in 2028.
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