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Storedot Announces Latest Funding Round Led By Vinfast, Plans To Manufacture Extreme Fast Charge Battery Cells At Scale By 2024

Jan 04, 2022•over 3 years ago

Description

StoreDot, the pioneer of extreme fast charging (XFC) battery technology for electric vehicles, has announced the first close of its Series D funding round of up to $80 million, the majority of which have already been secured. The round is 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.

Company Information

Company

Store Dot

About

StoreDot is a pioneer and leader of extreme fast charging (XFC) batteries that overcome the critical barrier to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, making it possible to fully charge an EV in just five minutes – the same time it takes to refuel a conventional combustion engine vehicle. StoreDot's battery technology is optimized for best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED). StoreDot's strategic investors include VinFast, bp, Daimler, Samsung Ventures and TDK. In 2019, the company achieved a world first by demonstrating the live full charge of a two-wheeled EV in just five minutes. In 2020, the company demonstrated the scalability of its XFC batteries by fully charging a commercial drone in five minutes in another world first. Moving XFC battery technology from the lab to a commercially-viable electric vehicle for the first time, StoreDot has launched engineering samples of its XFC batteries that are designed to be manufactured at scale on traditional Li-ion production lines. For more information see: www.store-dot.com.