Storedot plans to manufacture extreme fast charge battery cells at scale by 2024
Summary
The lead investor is the fast-growing flagship Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDots Extreme Fast Charging in future EV architectures.Participants include bp ventures, a current StoreDot investor and active partner, underpinning its purpose of reimaging energy for people and our planet. This funding also enables the company to ramp up its California-based R&D center and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024.This strategic round of funding, with principal investors coming from leading automotive, energy and technology companies, is a huge vote of confidence in StoreDot, its XFC battery technologies, our long-term product roadmap and our world-class technology and innovation that are all aimed to solve the Range Anxiety of EV drivers said Dr Doron Myersdorf, StoreDot CEO. We are now properly funded to take our silicon-dominant XFC cells to the end of the R&D phase and into scale-up in readiness for mass production in 2024 for global vehicle manufacturers. It will help overcome the major barrier to EV ownership charging times providing a 50 percent reduction, and, ultimately, helping us all achieve a zero-emissions, clean world.We have been making dedicated efforts in research, connecting global intelligence by forming partnerships with and investing in breakthrough technology companies, especially in EV battery such as StoreDot and its extreme fast charging (XFC) proprietary technology said Ms Linh. The Company demonstrates a clear technology roadmap including its next generation XED, extreme energy density solid state cells with planned mass production in 2028.J.P.