STOREDOT ENDS 2023 AS WORLD'S LEADING COMPANY MAKING EXTREME FAST CHARGING BATTERY TECHNOLOGY

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Dec 07, 2023, 04:00 ET

StoreDot ends 2023 having achieved all its milestones and taken major steps towards commercialization and mass production
This year saw it sign landmark agreements with strategic partners Volvo Cars, Polestar, VinFast and Flex|N|Gate
2023 also saw 15 leading global OEMs test its cells for six to nine months verifying outstanding performance and proceeding to B-sample projects with several OEMs
StoreDot's recent joint development project with Polestar yielded an announcement about the world's first 10-minute EV charging demo for early 2024
StoreDot proved it offers the first and only solution to enable EV fast charging with high cycle life during consecutive fast charging, showing no degradation of performance due to fast charging
StoreDot expanded globally this year opening an innovation hub in California and appointed renowned automotive industry leader Carl-Peter Forster as its Chairman
StoreDot remains firmly on track for the mass production readiness of extreme fast charging '100in5' battery cells in 2024

HERZLIYA, Israel, Dec. 7, 2023 /PRNewswire/ -- Having achieved all its planned milestones for 2023 and taken major strides towards commercialization and mass production, StoreDot has cemented its position as the world leader delivering XFC battery technologies.

Its declaration follows news last month that it is collaborating with Polestar to bring the world's first EV fitted with extreme fast charging battery cell technology to production - a game changer for the industry - opening the door for the entire EV ecosystem to embrace XFC technology.

StoreDot ends 2023 having achieved all its milestones and taken major steps towards commercialization and mass production

This year saw StoreDot also make strong progress with other partners. As well as Polestar it signed landmark agreements with Volvo Cars, VinFast and Flex|N|Gate to jointly develop optimized XFC batteries.

The quality of StoreDot's batteries was further validated after 15 leading global OEMs tested its cells this year in real-world conditions over six to nine months and reported outstanding performance. It also revealed that compared to standard slow charging, extreme fast charging conditions do not degrade the cells, even after 1000 consecutive XFC cycles.

StoreDot expanded globally too, opening an innovation hub in California led by Chief Science Officer Dr. David Lee as well as announcing plans to manufacture its leading XFC batteries on three continents: the US, Europe, and Asia. It also grew its senior leadership team and appointed renowned automotive industry leader Carl-Peter Forster as its Chairman.

Furthermore, StoreDot showed its commitment to responsible, sustainable, and ethical sourcing by partnering with Circulor, the leading supply chain traceability solution, to track the provenance and CO2 emissions of the raw materials used in its battery cells and its manufacturing cells process.

StoreDot heads into 2024 focused commercialization and remains on target for mass production readiness of '100in5' cells next year delivering at least 100 miles, or 160 kms of range in just 5 minutes of charging.

Doron Myersdorf, StoreDot CEO said:

"In 2023, StoreDot has not only achieved all of its planned milestones, but we have also made significant strides towards commercialization and mass production of our extreme fast charging battery cells. We proudly declare ourselves as the world's leading company in XFC battery technologies, a title we've earned through our dedication to innovation and unwavering commitment to pushing the boundaries of what's possible. We are the first and only company to enable extreme fast charging with high cycle life of consecutive fast charging. Our focus for 2024 is scale up and commercialization, and we remain on course to achieve mass production readiness of our '100in5' cells next year. No other company is making as much progress in this sector as we are, and the EV world is about to witness the revolution we're bringing to drivers' charging experience."

About StoreDot

StoreDot is the pioneer and leader of extreme fast charging (XFC) electric vehicle batteries that overcome the critical barriers to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by innovating and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, enabling to charge an EV in under 10 minutes – the same experience as refuelling a conventional combustion engine car.

Through its '100inX' product roadmap, StoreDot's battery technology is delivering 'Range on Demand™': 100 miles charged in 5 minutes in 2024, 100 miles charged in 4 minutes in 2026 and 100 miles charged in 3 minutes by 2028. StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK and its manufacturing partner EVE Energy. StoreDot is on target for mass production readiness of 100in5 technology by 2024.

StoreDot's media kit can be found at this link.

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SOURCE StoreDot