Israeli start-up StoreDot plans to expand its presence in Asia through an agreement signed with Yozma Group, a primary investment partner. StoreDot is a young company whose mission is to «provide disruptive battery technologies that will address the pain points of mass electric vehicle (EV) adoption, namely range and charging anxiety, and help move the industry towards a zero emission future», as stated in the official press release. We had already been talking about them as for a patent pending technology developed by the company in order to make battery charging much faster.
The Yozma Group specializes in supporting the innovative tech-startups, particularly from Israel and Asia region. For StoreDot, this new investment provides the opportunity to make connections and engage with some of the world’s leading automotive manufacturers headquartered in South Korea, who are taking a key role in the development of electric vehicles.
Why Asia in so important for StoreDot
«StoreDot’s industry-leading extreme fast-charging battery technology is essential for automotive manufacturers to impede the challenges faced with EV adoption. Our technology reduces range and charging anxiety by providing the driver with more miles per minute of charging. We’re offering a clear technology roadmap ranging from the silicon-based XFC technology to next generation extreme energy density, solid-state technologies», said Dr Doron Myersdorf, StoreDot CEO. «Having a presence in South Korea is strategically critical, due to its globally renowned automotive industry and leading domestic brands. We expect this new investment to help foster key relationships as we continue to execute our unique roadmap to accelerate the adoption of EVs, aligned with our vision of a cleaner, zero-emissions world».
StoreDot plans to deliver mass-produced fast charging batteries, which deliver a 50 percent reduction in charging time at the same cost, by 2024. The company has a clear roadmap where it is already working on next generation XED, extreme energy density solid state technologies which will enter mass production in 2028.