Israeli startup StoreDot has officially launched the first 5-minute charge battery for electric vehicles (EV). The first samples have been developed in Israel, and manufactured in China. The batteries will be shipped and demoed for EV manufacturers and other companies in the EV industry.
Looking for partners to scale production
StoreDot showed the batteries’ 5-minute charge capabilities with the help of the company’s Chinese partner - Eve Energy. The quick-charge batteries were demoed on the Chinese company’s eScooters, but StoreDot notes that the batteries are effective and viable for other industries as well, such as industrial drones, and battery-charged devices. The StoreDot batteries are designed to be produced on existing Li-ion production lines at EVE Energy.
The company explains that “the first-generation engineering samples demonstrate to EV OEMs and battery manufacturers the successful replacement of graphite in the cell's anode using metalloid nano-particles – a key breakthrough in overcoming major issues in safety, battery cycle life and swelling.”
The Israeli firm’s technology is based on Nanodots, which contain massive amounts of data and can be structured to scale - thanks to their small size, the nanodots can increase capacity of the electrode, therefore improving its conducting capabilities. This results in extremely short charging times.
StoreDot CEO Doron Myserdorf told Bloomberg that the Israeli startup is planning on launching the ultra-fast charging batteries to market in 2025, “if the right partners are found.” He added that currently, while the chemistry has proved the batteries possible, the battle now circles around production.
“It’s not just a lab experiment, we’re talking about mass production of a scalable product. We’re focusing our efforts on the “Holy Grail” - full charge of electric vehicles,” added Myserdorf. He also notes that the company is in possession of thousands of battery samples to share with potential partners - including battery producers.
Investments from Mercedes and energy giant BP
It’s important to note that StoreDot had previously declared its mission to implement electric vehicles already in 2020. However, only now is the company looking for partners to help scale production. StoreDot was founded in 2012 by CEO Dr. Doron Myersdorf. Pitchbook puts the company’s raised funds at $172 million, with British energy giant BP and German car manufacturer Daimler AG. The company’s last post funding valuation clocked in at $500 million.