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. 

StoreDot to Enhance Fast-Charging EV Battery Research, Development, and Production—Thanks to $80 Million Funding
(Photo : Photo by EMMANUEL DUNAND/AFP via Getty Images)
The logo of the Israeli startup StoreDot is on display at the company's headquarters in the Israeli coastal city of Herziliya on February 16, 2021. - Israeli ultra-fast charge specialists StoreDot have developed a first generation lithium-ion battery that can rival the filling time of a standard car at the pump.

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. 

StoreDot to Enhance Fast-Charging EV Battery Research, Development, and Production—Thanks to $80 Million Funding
(Photo : Photo by Alex Wong/Getty Images)
The charging port of the new Chevy Bolt EV, an electric car with a battery range of 200 miles, priced at $30,000, and will be in production this year, is seen after a keynote address at CES 2016 at the Westgate Las Vegas Resort & Casino on January 6, 2016 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show.

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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. 

In other news, AGC and EyeLights collaborated to create a new AR windshield. Meanwhile, Elon Musk claimed that Tesla Model S is one of his best EV models. 

For more news updates about EV batteries and other car technologies, always keep your tabs open here at TechTimes.  

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Written by: Griffin Davis

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