TEL AVIV, Israel--(BUSINESS WIRE)--Specialty materials innovator StoreDot Ltd. (http://store-dot.com/) announced today a new round of financing of $18 million for its new Electric Vehicle business unit, bringing the total funding to-date to $66 million. Investors in this round include mostly existing investors such as Norma Investments Limited, representing Roman Abramovich and Samsung Ventures. Other existing investors also include Singulariteam.
This round of funding is centered 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 hiring and additional labs for the new business unit.
The new business unit will allow future electric vehicles to fully charge in only five minutes as opposed to the long hours it currently takes. With StoreDot’s proprietary FlashBattery technology, drivers will be able recharge in just five-minutes, which could make a dramatic impact on global EV adoption. In addition to perfecting the FlashBattery itself, the funding will support the development of a powerful charging station, a fast charging standard, and an integrated FlashBattery management system.
“This new EV division is a natural extension of our proprietary FlashBattery technology originally developed for the smartphone domain. This funding brings StoreDot closer to fulfill its 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 our FlashBattery technology to the EV market.”
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 tuning of organic compounds. Designed to replace known technologies by means of 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 and electric vehicles.