JAKARTA - An Israeli startup, StoreDot, has sent a production-ready sample of electric vehicle battery cells charging quickly to potential strategic partners and customers. According to sources at the company, Wednesday, September 7, they are now approaching the planned mass production date in 2024.
The ten-year-old StoreDot is now seeking to produce advanced batteries that can provide a range of up to 100 miles (161 km) with a charge of only five minutes by 2024. The lithium-ion battery of the StoreDot, uses silicon-rich electrodes, which allow cells to store more energy and charge faster.
Reported by Reuters, battery experts say the development of fast charging capabilities could allow EV manufacturers to install smaller battery packs and thereby lower their vehicle costs.
Strategies to reduce battery charging time to match the amount of time required to refuel combustion-engine vehicles can also make EVs more attractive to potential customers.
Based on Herzliya, the StoreDot is supported by corporate investors such as Mercedes-Benz, BP Plc, VinFast, Geely's Volvo Cars, Polestar, Samsung, TDK and Ola Electric, as well as manufacturing partners from China, flow Energy.
According to thebankBook investor website, since its founding in 2012, the StoreDot has raised $269 million in investment funds, with the company's valuation of US$1.3 billion. They have also completed the Series D funding round earlier this year.
The StoreDot sends 30Ah battery enclave cells to more than a dozen companies for validation testing. Their own target is to get up to 3 minutes of charging time for 100 miles of range by 2028 and 2 minutes by 2032.
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