VinFast Vietnam topped the Series D funding round of $80 million from Israeli battery manufacturer StoreDot
(ASEAN Startups) StoreDot , an Israeli extreme fast charging (XFC) battery firm, has announced the first close of its Series D funding round of up to $80 million led by flagship Vietnamese electric vehicle (EV) manufacturer VinFast.
The round is led by key strategic investors, strengthening StoreDot’s partnerships in the global automotive battery eco-system, StoreDot said in a statement.
According to the firm, VinFast plans to scale up manufacturing and deploy StoreDot’s XFC in future EV architectures.
Other investors included StoreDot bp ventures, and Golden Energy Global Investment Ltd., a wholly-owned company by EVE Energy’s Founder Liu Jincheng.
The funds raised by this round will be used to complete StoreDot’s research and development for its silicon-dominant XFC battery cells for electric vehicles and continue its progress on extreme energy density cells based on solid-state technology for future deployment.
This funding also enables the company to ramp up its California-based research and development (R&D) center and commence scale-up operations in key global locations, in readiness for full mass production of cells in 2024.
“This strategic round of funding, with principal investors coming from leading automotive, energy, and technology companies, is a huge vote of confidence in StoreDot, its XFC battery technologies, our long-term product roadmap, and our world-class technology and innovation that are all aimed to solve the range anxiety of EV drivers.
“We are now properly funded to take our silicon-dominant XFC cells to the end of the R&D phase and into scale-up in readiness for mass production in 2024 for global vehicle manufacturers. It will help overcome the major barrier to EV ownership – charging times – providing a 50% reduction, and, ultimately, helping us all achieve a zero-emissions, clean world,” said Doron Myersdorf, StoreDot Chief Executive Officer.
StoreDot claimed itself as a pioneer and leader of 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 the best driver experience with XFC in Li-ion batteries, as well as future technologies for extreme energy-density (XED). Its strategic investors include VinFast, bp, Daimler, Samsung Ventures, and TDK.
In 2019, the company achieved 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.
“Enhancing customer experience is our top priority. We have been making dedicated efforts in research, connecting global intelligence by forming partnerships with and investing in breakthrough technology companies, especially in EV batteries such as StoreDot and its XFC proprietary technology.
“StoreDot which is led by gifted scientists and experienced entrepreneurs, along with strong support from VinFast and other strategic investors, is believed to gear up for mass production globally in a very near term,” said Pham Thuy Linh, deputy Chief Executive Officer of VinFast.
VinFast – a member of Vingroup – envisioned to drive the movement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam.
VinFast has announced three electric car models, exceptional battery leasing policies, and industry-leading 10-year warranties. In July 2021, VinFast started expanding to the North American and European markets. Two of its smart electric sport utility vehicle (SUV) models – VF e35 and VF e36, are expected to be available for pre-orders globally in the first half of 2022.
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