StoreDot is expanding its reach in Asia, through investment partner, Yozma Group.
Yozma specialises in supporting tech start-ups, particularly from Israel and the Asia region.
For StoreDot, the new investment provides the opportunity to engage with automotive manufacturers headquartered in South Korea, which are taking a role in the development of EVs.
“StoreDot’s extreme fast-charging battery technology is essential for automotive manufacturers to impede the challenges faced with EV adoption,” said StoreDot CEO, Doron Myersdorf.
“Our technology reduces range and charging anxiety by providing the driver with more miles per minute of charging. We’re offering a clear technology roadmap ranging from the silicon-based XFC technology to next generation extreme energy density, solid-state technologies.
“Having a presence in South Korea is strategically critical, due to its globally renowned automotive industry and leading domestic brands. We expect this new investment to help foster key relationships as we continue to execute our roadmap to accelerate the adoption of EVs, aligned with our vision of a cleaner, zero-emissions world.”
For his part, Yozma Group head of Asia Pacific, Wonjae Lee, added: “We’ve long been in talks with StoreDot, as we’ve been impressed by its innovative technology and the growth potential. We’re more than happy to support the company during this phase on its mission to mass produce its XFC batteries by 2024 and the next generation, solid-state technology by 2028.
“The company is leading the way in battery technology with its silicon Li-ion battery cell design and the next few years will be a pivotal time, which we hope to be able to support and help leverage in Korea and across Asia.”
The Yozma Group partnership represents a step in StoreDot’s work in extreme fast charging lithium-ion batteries for use in the automotive sector.
The company is in advanced talks with many global car makers and maintains it remains on track to deliver mass-produced XFC batteries, which deliver a 50% reduction in charging time at the same cost, by 2024.
The company has a roadmap where it is working on next-generation XED, extreme energy density solid state technologies, which will enter mass production in 2028.