Israeli Startup StoreDot Raises $60M To Charge Daimler’s Electric Trucks
Israeli startup StoreDot has raised $60 million in a funding round led by automotive giant Daimler Trucks. StoreDot, which develops fast-charging batteries for mobile devices, electric vehicles and next-generation LCD displays, will power Daimler’s new line of electric trucks. Its phenomenal technology charges a smartphone in just 30 seconds, and an electric car within five minutes.
This is not the first time Daimler invests in the Israeli AutoTech industry. Two weeks ago, the automaker invested in Israeli-founded mobile taxi-hailing service Via, which raised $250 million.
StoreDot made international headlines when it initially announced its smartphone battery solution in 2012. The company developed its patented organic battery compound that charges five times more efficiently than regular electrolyte-powered battery. StoreDot’s solution is based on nano-technology, or “nano-tubes,” which can store and emit a large amount of energy in one go.
“As quickly as filling a tank of gas”
In 2015, StoreDot developed a technology that can recharge electric cars (such as Tesla vehicles) in five minutes, which should suffice for a 300-mile drive. “StoreDot’s FlashBattery technology enables charging any electric vehicle within minutes, as quickly as filling a tank of gas,” Daimler said in a statement.
Founded in 2012 by Simon Litsyn, Gil Rosenman and Dr. Doron Myersdorf, StoreDot has so far raised $126 million from Daimler, billionaire Roman Abramovich, Samsung Ventures and others. A representative from Daimler will be appointed to StoreDot’s board of directors. Complementing Daimler’s investment, the two parties have agreed to a strategic partnership that focuses on the field of fast-battery charging.
StoreDot “is a nanotechnology materials pioneer and one of the leading companies for electric charging and energy-storage materials,” Daimler said in a statement.
A holistic approach to fast charging
According to Daimler, the FlashBattery technology is “particularly interesting for commercial vehicles” thanks to its better usage of braking energy, which requires less frequent charging. This results, together with faster charging times, in higher vehicle usage. The companies will jointly work on tailor-made technologies, with the possibility of additional joint projects, even beyond the trucks division. “Electrification of trucks is of top priority at Daimler,” Martin Daum, a Daimler board member, said in a statement.
Last week, Daimler launched its “FUSO eCanter,” an all-electric light-duty truck. “Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands,” Daum said. “Together with StoreDot we will now jointly work on a holistic approach to fast charging.”
According to StoreDot CEO Myersdorf, Daimler’s involvement “will accelerate the completion of our development process and the introduction of FlashBattery to the market. Together with Daimler teams, we create synergies that optimize the characteristics of our innovative solutions with the requirements of the electric vehicles of the future.”
Earlier this year, StoreDot demonstrated the viability of a concept for five-minute charging of vehicle batteries, showcasing how its new organic compounds combined with nanomaterials are implemented in the battery cell. StoreDot’s new batteries are currently in an advanced stage of development, and are expected to be integrated into electric vehicles that are now in their design phase.
Considered an innovation leader in materials and device applications, the startup is developing groundbreaking technologies based on a unique methodology for the design, synthesis and manufacturing of organic compounds. Designed to replace known technologies with enhanced chemical, electrical, and optical properties, StoreDot’s technology can be optimized for multiple industries, including fast-charging batteries in mobile devices, electric vehicles and LCD displays.
Photos and video: Daimler, StoreDot