StoreDot promise to charge electric vehicle in only five minutes!

20 August, 2015

StoreDot’s Proprietary Fast-Charging Technology for Cars Attracts an Additional $18 Million, for a Total of $66 Million in Funding

StoreDot’s Proprietary Fast-Charging Technology for Cars Attracts an Additional $18 Million, for a Total of $66 Million in Funding

The prototype of  electric vehicles fast charged battery
The prototype of electric vehicles fast charged battery

TEL AVIV, The Tel-aviv based specialty materials innovator StoreDot announced completed 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 Norma Investments Limited, representing Roman Abramovich, Samsung Ventures and Singulariteam.

Dr. Doron Myersdorf, StoreDot CEO
Dr. Doron Myersdorf, StoreDot CEO

This funding will allow new hiring and additional labs for the new business unit. The immediate goals is to build the first ever instantly-charging car prototype that will allow future electric vehicles to fully charge in only five minutes. In addition to perfecting its proprietary technology called FlashBattery, 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,” 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’s core technology is based on chemically-synthesized organic molecules of non-biological origin. These molecules demonstrate electrochemical properties, which allow enhanced performance of energy storage devices. By achieving a charging rate that is 100 times faster than any other mobile device battery, StoreDot has enabled charging a smartphone in only 60 seconds.

The EV FlashBattery comprises thousands of cells assembled and packed in a single battery module. When fully charged, the EV FlashBattery stores enough energy for a car to travel 300 miles (480 km) on a 5 minute charge.

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