The agreement follows the already announced strategic investment of VinFast into StoreDot and marks another significant step forward in the cell’s development and the companies’ work to promote advanced battery technology and the introduction of XFC battery solutions for the green mobility market.
The agreement will see both companies embark on a collaboration to jointly research, develop and offer extreme fast charge (XFC) battery cells in different form-factors, in preparation for XFC battery mass production and supply. StoreDot will license and share its proprietary XFC technology whereas VinES will provide and contribute its know-how and experience with multiple form factor development, manufacturing, validation and global supply chain network.
The first generation of this XFC battery cell is expected to be commercially available in 2025 and immediately adopted by VinFast vehicles.
Dr. Doron Myersdorf, StoreDot CEO said, “This venture is an important one for us as we look to build more partnerships with companies at every level of the EV battery ecosystem such as Vingroup. I’m confident that the combination of our XFC cell chemistry and VinES’s complimentary form-factor development, manufacturing, evaluation, certification, and supply chain capabilities will deliver world-class market leading EV batteries that will raise the bar further for the industry.”
Talking about the partnership, Ms Pham Thuy Linh, CEO of VinES added, "The partnership with StoreDot reflects VinES' s complimentary strategies by combining global innovative technologies with those in-house in our state-of-the-art production of electric vehicle batteries in Vietnam. With the XFC technology, we believe it will offer improved customers’ experience, provide cost savings and remove charging time anxiety entirely. With StoreDot's team of talented scientists and experienced experts, combined with our know-how in multiple form-factor development, real production experiences, we are excited to work towards a near-future commercialisation of the XFC technology and contribute to the acceleration of the EV revolution globally."
StoreDot has a long-standing relationship with conglomerate Vingroup. In January last year leading Vietnamese electric car manufacturer VinFast (a Vingroup company) was the lead investor in StoreDot’s Series D funding round of up to $80 million.
