StoreDot

Israel-based StoreDot develops an extreme fast-charging (XFC) electric vehicle (EV) battery that can be fully charged in five minutes and provides a range of up to 100 miles (compared to 75 miles of a Tesla Model 3 after being connected to a supercharger for five minutes).

StoreDot also claims that its batteries would not cost more than conventional lithium-ion batteries and would follow a similar cost reduction curve in the future. StoreDot batteries achieve this fast-charging capability through a holistic approach that uses AI and machine learning to combine its proprietary organic compounds with nanomaterials.

Key customers and partnerships

StoreDot partnered with the Chinese battery manufacturer EVE Energy to support the commercialization of XFC batteries. The agreement covered the intention to set up a joint venture for mass production. StoreDot unveiled its first EV battery prototype that can fully charge in 10 minutes in September 2021, with a plan for mass production via traditional lithium-ion battery manufacturing lines in 2024. The company also planned to offer extreme energy-density (XED) technology to the mass market by 2028.

In January 2023, StoreDot partnered with Italvolt, where the latter licensed StoreDot’s XFC technology and intellectual property rights to manufacture XFC lithium-ion batteries at its plant in Italy. In April 2023, the company signed a joint development agreement with VinES to jointly research, develop, and offer XFC battery cells in different form-factors in readiness for the commercialization of XFC batteries. In September 2023, StoreDot signed a multi-year agreement with Volvo Cars to develop an EV battery for the upcoming generation of Volvo EVs.

In September 2022, StoreDot shipped EV cell samples to strategic EV OEM partners including Daimler, VinFast, Volvo, Polestar, Ola Electric, and other automotive players for real-world testing. In May 2023, the company announced plans to develop manufacturing operations across three continents, namely the US, Europe, and Asia, in order to cater to its customers within their local geographies, reduce carbon impact, and achieve just-in-time production efficiency. The company will do so by collaboratively producing the batteries at existing and future gigafactories, with production set to commence in 2024. Furthermore, in October 2023,, StoreDot signed a strategic partnership agreement with Flex|N|Gate to produce StoreDot’s 100in5 battery cells at Flex|N|Gate’s lithium-ion cell pilot factory in Windsor, Ontario, in 2024. In November 2023, the company partnered with Polestar to explore and apply XFC technology in EVs.

In March 2024, StoreDot signed a strategic manufacturing agreement with EVE Energy. Additionally, the company also licensed its technology to EVE.

Funding and financials

StoreDot’s most recent funding was in April 2022, when it raised an undisclosed amount from Volvo Cars Tech Fund. Previously, in January 2022, the company raised USD 60 million in a Series D round. The proceeds were to be used to fund R&D activities. In March 2021, StoreDot was rumored to be in negotiations for a SPAC listing at a valuation of USD 3.5 billion but has not disclosed any specific plans to date.