StoreDot’s 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.
Yozma, which has led the globalization of Israeli startup ventures and the growth of Israeli venture capital market, 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 EVs.
Dr Doron Myersdorf, StoreDot CEO: “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.”
“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.”
Wonjae Lee, Head of Asia Pacific, Yozma Group: “We’ve long been in talks with StoreDot, as we’ve been impressed by its innovative technology and the growth potential. We’re more than happy to support the company during this exciting phase on its mission to mass produce its XFC batteries by 2024 and the next generation, solid-state technology by 2028.
“The company is leading the way in battery technology with its revolutionary silicon Li-ion battery cell design and the next few years will be a pivotal time which we hope to be able to support and help leverage in Korea and across Asia.”
The Yozma Group partnership represents the latest step in StoreDot’s rapid advancement in extreme fast charging lithium-ion batteries for use in the automotive sector. The company is in advanced talks with many global car makers and remains firmly on track to deliver mass-produced XFC batteries, which deliver a 50% 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.
To find out more about StoreDot’s investment partner Yozma Group please visit www.store-dot.com.