Israel’s StoreDot secures $60 million for ‘extreme fast charging’ EV batteries

▤ Summary

Tel Aviv-based StoreDot, launched in 2012, set out to prove its Li-ion battery technology can charge a vehicle in just five minutes.The first close of its planned $80 million Series D round was led by EV manufacturer VinFast, part of the Vietnamese conglomerate Vingroup. BP Ventures, an existing investor, also participated. StoreDot expects to scale-up mass production by 2024.StoreDots Doron Myersdorf hopes XFC batteries will help eliminate charging times as a barrier to EV ownership providing a 50% reduction, and, ultimately, helping us all achieve a zero-emissions, clean world.VinFast will build manufacturing facilities for StoreDot to produce 300,000 batteries per year.

▦ Linked Companies