StoreDot Secures $80M Funding Led by VinFast for Fast-Charge EV Batteries
StoreDot Secures Funding for Fast-Charging Battery Technology
StoreDot, an Israeli startup pioneering next-generation battery technology, has successfully completed the initial phase of its latest funding round. Leading the investment is VinFast, a Vietnamese electric vehicle manufacturer.
Series D Funding Details
The Series D funding round is projected to reach up to $80 million upon its final closure. This capital injection will primarily facilitate the final stages of StoreDot’s research and development efforts.
Furthermore, the funds will be allocated to scaling up the mass production capabilities of their innovative battery technology. Currently, samples are being dispatched to various automotive manufacturers for rigorous testing and evaluation.
VinFast and Other Investors
VinFast operates by licensing and manufacturing BMW-based vehicles within Vietnam. Joining VinFast in this funding round are notable investors including bp ventures and Golden Energy Global Investment.
CEO Statement
Dr. Doron Myersdorf, CEO of StoreDot, stated that the funding represents significant confidence in the company. He highlighted their XFC battery technologies, long-term product strategy, and advanced innovation.
The aim, according to Dr. Myersdorf, is to address and ultimately resolve the Range Anxiety experienced by electric vehicle drivers.
Strategic Partnerships
StoreDot has established collaborative partnerships with key industry players. These include Daimler, Samsung, TDK, and EVE Energy, a prominent Chinese battery manufacturer.
The company’s unique lithium-ion cell design promises exceptionally rapid charging speeds. It aims to enable a full vehicle charge from a depleted state in a matter of minutes.
Silicon-Based Anode Technology
The XFC battery technology utilizes a silicon-based anode. This differs from the commonly used graphite anodes.
Silicon offers the potential for higher energy density and improved battery longevity compared to traditional battery compositions.
VinFast’s Perspective
Pham Thuy Linh, Deputy CEO of VinFast, emphasized the company’s commitment to research and development. VinFast is actively forging partnerships and investing in groundbreaking technologies.
Specifically, they are focusing on advancements in electric vehicle batteries, such as StoreDot’s extreme fast charging (XFC) proprietary technology.