StoreDot announces latest funding round

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StoreDot, a pioneer of extreme fast charging (XFC) battery technology for electric vehicles, has closed its Series D funding round of up to $80 million.

The round was led by key strategic investors, strengthening StoreDot’s partnerships in the global automotive battery eco-system.

The lead investor is the fast-growing flagship Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures.

The funds raised will be used to complete StoreDot’s research and development for its silicon-dominant extreme fast charge (XFC) battery cells for electric vehicles and continue its progress on Extreme Energy Density cells based on Solid State technology for future deployment. This funding will also enable the company to ramp up its California-based R&D centre and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024.

StoreDot is currently in advanced talks with a number of leading global car makers for integration of its XFC technology into their future models.

Commenting Dr Doron Myersdorf, StoreDot CEO, said, “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.

"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% reduction, and, ultimately, helping us all achieve a zero-emissions, clean world.”