StoreDot raises $18m to help build instant-charging batteries for electric cars
Yesterday Israeli start-up StoreDot announced it has raised $18m in funding from Samsung's investment arm and Russian billionaire Roman Abramovich. The company, which has raised $66m in total, plans to spend the latest investment on getting its fast-charging battery into electric cars. StoreDot has developed a new type of lithium-ion battery that it says can be fully charged in just a few minutes, which could make filling up an electric car as fast and convenient as filling up with petrol at a service station.
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StoreDot, an Israeli startup that makes ultra-fast charging batteries using bio-organic technology, has raised $18 million to help fund a new electric vehicle business unit.

The company first demoed its prototype technology last April and had raised $48 million before today’s announcement, including a hefty $42 million less than a year ago.

While much of its funding to date has been used to refine the underlying technology — technology that promises to fully charge a smartphone in 60 seconds — StoreDot has revealed that the burgeoning electric car industry is now firmly on its radar.

Image Credit: StoreDot

Indeed, StoreDot says that one of its immediate goals is to build what would be the “first ever instantly-charging car prototype.” Certainly, instant (OK, 5 minutes) would be a marked improvement on the current timeframe for recharging a car, which can vary from two to eight hours.

As well as iterating on the existing FlashBattery technology, the funding will also be used to help develop a powerful new charging station and create a new fast-charging standard.

There has been a flurry of activity in the battery space recently, and it’s an area that could offer lucrative rewards for whoever can pack the biggest punch into as small a space as possible, in the shortest timeframe.

Back in December, Samsung led a $17 million investment round into Seeo to help build better EV batteries, and shortly after acquired the entire battery business from Canadian company Magna International. A few months back, Dyson led a $20M investment in solid-state battery company Sakti3, which should help bring Sakti3’s technology to market.