Miguel Cordon · · 1 min readEV startup VinFast to lead $80m round of Israeli battery maker
Israel-based StoreDot, a company that designs and makes extreme fast charging (XFC) batteries, is set to raise US$80 million in a series D round led by VinFast, an automotive startup that’s part of local conglomerate Vingroup.
Photo credit: StoreDot
The round will also be joined by BP Ventures, Golden Energy, and Golden Energy Global Investment, which is wholly owned by EVE Energy’s founder Liu Jincheng.
With its battery tech, StoreDot aims to fully charge an electric vehicle in just five minutes. The startup demonstrated the scalability of its tech in 2020 by topping up a commercial drone in five minutes – a feat the company said was a first across the globe.
The startup also said it has launched engineering samples of its XFC batteries that can be manufactured at scale on traditional lithium-ion production lines. The samples are also ready for testing by automotive manufacturers, StoreDot said.
The Israeli firm was founded by Doron Myersdorf, Simon Litsyn, and Gil Rosenman in 2012. It will use the new funds to complete research and development and to fuel its efforts to mass-produce its XFC battery cells by 2024.
Editing by Arpit Nayak
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