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June 7, 2022

StoreDot has raised $200m

On track to begin mass producing 100in5 cells as early as 2024.

By Graeme Roberts

In an update, StoreDot, a pioneer of extreme fast charging technologies for electric vehicles, said it was demonstrating its ambitions for rapid growth with a network of strategic global investments and partnerships that spans the entire battery ecosystem.

The company was on track to begin mass producing its 100in5 cells as early as 2024, delivering 100 miles of charge in just five minutes.

StoreDot, which has raised US$200m to date, has now received investments from Daimler, Volvo, Polestar, VinFast and Ola Electric. It is already working closely with its partners to collaborate on future electric vehicle fast charging architectures.

The company is moving towards mass production of its 100in5 cells in China, with its long standing manufacturing partner, EVE Energy. Samples of EV size pouch cells are already being shipped for testing by automotive manufacturers. In addition, cylindrical cells in both 2170 and 4680 formats are currently being optimised and are planned to be sampled later this year.

CEO Doron Myersdorf said: “Our growing global network of strategic partnerships and our expanding geographical footprint demonstrate that StoreDot is much more than just an innovator of extreme fast-charging battery technologies. We now have an unprecedented group of strategic investors and partners that span the entire battery ecosystem, and we are collaborating with our partners to make extreme fast charging a reality while we plan to grow our production volume capabilities.

“We are now working with the relevant ecosystem of the charging value chain – from the infrastructure to the vehicle – to optimise our XFC technology for future EV models.

“It is therefore essential that we engage with the right partners including a global manufacturing footprint, to rapidly progress towards volume production in 2024. Moreover, our roadmap for automotive manufacturers spans into the next decade, by which time we target to achieve 100 miles of range in just two minutes of charge.”

Further long-standing partners include BP Ventures, which is a mutual advocate for fast-charging and the need to align the charging infrastructure with the ecosystem efforts, as well as TDK and Samsung Ventures. StoreDot has also received significant backing from three venture capital funds.

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