ImpactAlpha, January 5 — Tel Aviv-based StoreDot, launched in 2012, set out to prove its Li-ion battery technology can charge a vehicle in just five minutes.
The first close of its planned $80 million Series D round was led by EV manufacturer VinFast, part of the Vietnamese conglomerate Vingroup. BP Ventures, an existing investor, also participated. StoreDot expects to scale-up mass production by 2024.
StoreDot’s Doron Myersdorf hopes ‘XFC’ batteries will help eliminate charging times as a barrier to EV ownership “providing a 50% reduction, and, ultimately, helping us all achieve a zero-emissions, clean world.”
VinFast will build manufacturing facilities for StoreDot to produce 300,000 batteries per year.