• StoreDot, an Israeli next-generation battery startup, has raised USD 80 million in a Series D funding round led by VinFast, the electric vehicle manufacturing arm of the Vietnamese conglomerate Vingroup.  

• Existing investor bp ventures and Golden Energy Global Investment, a wholly-owned subsidiary of EVE Energy, also participated.  

• The round brings StoreDot’s total funding to USD 210.5 million. The company will use the proceeds to fund R&D activities for its extreme fast charging (XFC) battery cells and expects to enter mass production by 2024. 

<ul><li> Analyst QuickTake: StoreDot unveiled its XFC prototype in September 2021. The prototype could fully charge in ten minutes, but this was longer than the five minutes it had promised. Since then, StoreDot has taken several measures to strengthen its R&D activities, including the launch of an innovation hub in the US and collaboration with Group14 Technologies to improve the technology. The new funds will further these R&D efforts as well as ramp up production lines at EVE Energy, StoreDot’s manufacturing partner.</ul>