StoreDot will now start enhancing its fast-charging EV battery technology after receiving new funding, which values at $80 million. Led by VinFast, a Vietnamese carmaker, the Israeli tech firm was able to close its latest funding round this 2022.
The giant EV battery developer confirmed that the accumulated money will be used to enhance and complete the mass production scale-up of its fast-charging batteries.
StoreDot also announced that the $80 million funding will greatly help when it comes to the R&D (research and development) of its zero-emission car batteries.
As of press time, StoreDot's batteries are already being delivered to various automakers so that they can be tested.
StoreDot Now Improving Its EV Battery Tech
According to TechCrunch's latest report, the latest partnership of StoreDot with VinFast is a massive one, especially since the carmaker is also working with BMW.
The Vietnamese automaker is currently licensing and producing BMW-based vehicles. Aside from this car developer, StoreDot was also able to receive help from Golden Energy Global Investment for its Series D funding round.
"This strategic round of funding, with principal investors coming from leading automotive, energy, and technology companies, is a huge vote of confidence in StoreDot," said StoreDot's CEO Dr. Doron Myersdorf.
Meanwhile, the Israeli tech giant also secured new collaborations with TDK, EVE Energy, as well as Daimler, and Samsung. These new partnerships are expected to further improve the novel lithium-ion cell design of StoreDot in the coming years.
Other EV Battery Enhancements
Aside from StoreDot, S&P Global Platts reported that Veolia is also making rounds of efforts to enhance its own EV battery business.
Based on the statement of the company's spokesperson, Veolia is now building a new EV battery recycling plant in the United Kingdom, specifically in West Midlands.
Once this new factory is completed, around 1000 mt/yer of electric car batteries are expected to be processed by 2024.
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Written by: Griffin Davis