The fast-charging EV battery company StoreDot has announced a new investment partnership with Yozma Group that it believes will enable it to expand its reach in Asia through disruptive technologies that will address range and charging anxiety.
Dr Doron Myersdorf, CEO at StoreDot, said, “StoreDot’s extreme fast-charging battery technology is essential for automotive manufacturers to impede the challenges faced with EV adoption. We’re offering a clear technology roadmap ranging from the silicon-based XFC technology to next generation extreme energy density, solid-state technologies.”
Yozma, which has led the globalization of Israeli startup ventures and the growth of the Israeli venture capital market, specializes in supporting innovative tech startups. For StoreDot, this new investment provides the opportunity to engage with automotive manufacturers headquartered in South Korea.
“Having a presence in South Korea is strategically critical, due to its globally renowned automotive industry and leading domestic brands,” added Myersdorf. “We expect this new investment to help foster key relationships as we continue to execute our unique roadmap to accelerate the adoption of EVs.”
The Yozma Group partnership represents the latest step in StoreDot’s rapid advancement in extreme fast charging lithium-ion batteries for use in the automotive sector, with StoreDot already in talks with global car makers and on track to deliver mass-produced XFC batteries – which deliver a 50% reduction in charging time at the same cost – by 2024.
The company’s next generation extreme energy density solid-state technologies are expected to enter mass production in 2028.
Wonjae Lee, head of Asia-Pacific, Yozma Group, said, “[StoreDot] is leading the way in battery technology with its revolutionary silicon Li-ion battery cell design and the next few years will be a pivotal time which we hope to be able to support in Korea and across Asia.”