StoreDot, which is an Israeli next-generation battery technology firm that touts an “extreme fast charging” (XFC) battery for electric vehicles, has reached the first-ever close of its newest investment round, which was led by VinFast, a Vietnamese electric vehicle manufacturer. Up to $80 million is expected to be raised in the Series D financing. The funds will be used to complete StoreDot’s R&D and mass scale of production of its technology, which is presently being tested by automobile manufacturers, according to the business.
VinFast is a Vietnamese company that licenses and manufactures BMW-based vehicles. Golden Energy Global Investment and bp ventures are among the other Series D participants. “This tactical round of financing, with primary investors coming from top automobile, energy, and technology firms, is a massive show of confidence in StoreDot company, its XFC battery technologies, the long-term product roadmap, as well as our world-class technology and innovation, all aimed at solving the Range Anxiety of EV drivers,” says Dr. Doron Myersdorf, CEO of StoreDot.
StoreDot has also forged alliances with Daimler, Samsung, TDK, and EVE Energy, a Chinese battery mass manufacturer. It claims that its revolutionary lithium-ion cell architecture is capable of extraordinarily fast charge rates and can charge an automobile from a flat within only a few minutes. Its XFC battery (eXtreme Fast Charge) uses a silicon-based anode, which, unlike standard graphite anodes, has a high energy density and may last longer than traditional batteries.
“We have been dedicating our efforts in research, linking global intelligence by developing collaborations with and financing in breakthrough technology firms, notably in EV batteries, like StoreDot and its extreme fast charging (XFC) patented technology,” said Pham Thuy Linh, who is the Deputy Chief Executive Officer of VinFast.
This money will also allow the company to expand its R&D center in California and begin scaling up operations in key worldwide regions in preparation for full mass manufacturing of cells in 2024. StoreDot claims to be in advanced discussions with major global automakers about integrating its XFC technology into future vehicles. The company has a defined technology roadmap, which includes its next-generation XED, extreme energy density solid-state cells, with mass production scheduled for 2028.
After the series D fundraising earlier this year, StoreDot was valued at $1.5 billion. According to Calcalist, StoreDot Chief Executive Officer Doron Myersdorf acknowledged the news and stated that the current phase will enable the firm to take its time deciding whether or not to go public, whether through a merger with a Special Purpose Acquisition Company (SPAC) or the usual way, depending on the situation of the market. Myersdorf said that the company had approached JP Morgan for an IPO, but that the timeframe and likelihood of one were unknown. “We hired JP Morgan to counsel us on when the best time would be to go public in terms of the market, and that is why we collected funds that will last us for a long time.”