StoreDot’s Unique Fast-Charging Technology Attracts Additional $18 Million For The Development And Commercialization Of The FlashBattery For Cars, Reaching A Total of $66 Million In Funding.
Tel-Aviv, August 2015 - Nanotechnology materials pioneer StoreDot Ltd. announced today a new round of financing of $18 million for its new Electric Vehicle business unit, bringing the company to a total funding of $66 million. New funding was led by Samsung Ventures, and came mostly from existing investors which include Singulariteam and Norma Investments Limited of Roman Abramovich.
This round of funding will focus on the development and commercialization of the EV business unit. One of the company’s immediate goals is to build the first ever instantly-charging car prototype. Additionally, this funding will allow new hirings as the company’s goal is to grow by 33% by the end of the year.
The new business unit will allow future electric vehicles to fully charge in only five minutes. The hours it typically takes to fully charge an EV’s battery is considered a major roadblock for mass adoption of electric cars due to the well-known drivers’ "range anxiety". With StoreDot’s Flash Battery technology drivers will know they recharge in five-minutes – a notion that could make a dramatic impact on EV adoption. In addition to perfecting the Flash Battery itself, the funding will support the development of a powerful charging station, a new fast charging standard, and an integrated battery management system.
“This additional funding from Samsung Ventures is another vote of confidence in the technology developed by StoreDot for fast charging,” says Gonzalo Martinez, head of Samsung Ventures Israel. This new EV division is a natural extension of the Flash Battery technology originally developed for the smartphone domain.”
“This funding brings StoreDot closer to fulfill the vision of a care-free fast-charging future,” said Dr. Doron Myersdorf, StoreDot CEO. “Together with our strategic partners, StoreDot will accelerate the process of delivering the Flash Battery technology to the EV market.”
StoreDot is in talks with a number of leading car manufacturers that share the same vision of fast charging electric vehicles.
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.