The Israeli startup StoreDot from the Global Technologies Private Portfolio intends to receive a new batch of its battery samples for a 5-minute charging of electric vehicles by the end of this year. The samples will be used to demonstrate the capabilities of the StoreDot XFC batteries to potential EV customers.
Samples will be produced at the plant of the Chinese company EVE Energy Co. — a strategic partner of StoreDot, with which the startup signed a new framework agreement. Moreover, the agreement outlines the intention of the companies to organize a joint venture for the mass production of ion batteries in 2024.
StoreDot XFC is a revolutionary product that is designed to change the EV market. The technology involves replacing graphite in a battery with metalloid nanoparticles, including silicon. This allows an electric vehicle to be fully charged in 5 minutes (a record time) while increasing battery life and safety.
There is no need for specialized manufacturing facilities to produce StoreDot XFC, which is considered a great advantage. It is possible to release StoreDote XFC on the same production lines as for lithium-ion batteries (the most common type of batteries for EVs).
StoreDot — company established in Israel in 2012. It has not yet become a unicorn, but its capitalization exceeds $500 million. Investors include British Petroleum, Daimler AG, Samsung Ventures, Roman Abramovich’s company Millhouse LLC.