StoreDot announces an investment and strategic partnership with Daimler to take StoreDot’s Flash Battery technology to the Electric Vehicle market
Tel-Aviv, September 14th, 2017 – Nanotechnology materials pioneer, StoreDot Ltd., announces today a third round of financing led by the truck division of top producer of premium cars and commercial vehicles Daimler. The $60M round also includes Lucion venture capital and participation of financial institutions from Israel and China, as well as existing investors such as Samsung Ventures and Norma Investments, representing Roman Abramovich. In conjunction with the round, Daimler joins as a strategic partner to accelerate the adoption of the Flash Battery technology to the Electric Vehicles market.
This round of funding focuses on the adoption of StoreDot’s fast charging Flash Battery technology to the electric vehicle segment. StoreDot’s Flash Battery technology enables charging any electric vehicle as quick as filling a tank of gas, as it only takes five minutes to reach a full charge that – depending on the battery capacity – can keep the vehicle going for 300 miles or more. StoreDot technology uses advanced nano materials as well as proprietary organic compounds to optimize the charging speed of electric vehicles.
Earlier this year StoreDot has demonstrated a proof of concept for 5 min charging of the vehicle, sharing how its new organic compounds combined with the nanomaterials are implemented in the battery cell. StoreDot’s new batteries are currently in advanced stages of development, and are expected to be integrated into electric vehicles that are now in their design phase.
Martin Daum, Member of Daimler’s Board of Management with responsibility for Daimler Trucks and Daimler Buses: “Electrification of trucks is of top priority at Daimler. Today’s global launch in New York City of the FUSO eCanter, the world’s first series-produced all-electric light-duty truck, provides impressive proof of our strive for bringing electric vehicles for everyday use to the market. Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging.”
“Having Daimler, a world leader in the automotive space, as a strategic partner, is of significant value to StoreDot. It will accelerate the completion of our development process and the introduction of Flash Battery to the market. Together with Daimler teams, we create synergies that optimize the characteristics of our innovative solutions with the requirements of the electric vehicles of the future “, said Dr. Doron Myersdorf, Co-Founder and CEO at StoreDot.
StoreDot Ltd. is an innovation leader in materials and device applications, developing ground-breaking technologies based on a unique methodology for the design, synthesis, and manufacturing of organic compounds. Designed to replace known technologies with enhanced chemical, electrical, and optical properties, StoreDot’s proprietary technology, inspired by nature, can be optimized for multiple industries including fast-charging batteries in mobile devices, electric vehicles and for next generation LCD displays.