STOREDOT MAKES PROGRESS ON MANUFACTURING EXTREME FAST CHARGE BATTERIES ON THREE CONTINENTS, NEARING MASS PRODUCTION READINESS

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May 03, 2023, 04:00 ET

StoreDot aims to manufacture its leading XFC batteries on three continents: the US, Europe, and Asia
Company deploys a strategy of making batteries where its automotive manufacturing customers are located, localizing its supply chain, reducing carbon impact and enabling just-in-time production
StoreDot is set to produce its groundbreaking extreme fast charging cells in local gigafactories, rather than building its own facilities in the mid-term
StoreDot will continue to develop its cells in its labs in the US and Israel and remains on target for mass production readiness of '100in5' cells by 2024 delivering at least 100 miles of range for each five minutes of charging

HERZLIYA, Israel, May 3, 2023 /PRNewswire/ -- StoreDot, the pioneer of extreme fast charging (XFC) high energy battery solution for electric vehicles has announced its global manufacturing strategy in three continents – to best serve its global automotive customers.

StoreDot's manufacturing strategy is focused on localizing its supply chain in the US, Asia, and Europe, allowing it to serve its OEM customers in their own locations, reducing carbon impact, and enabling just-in-time production efficiency.

StoreDot announces its global manufacturing strategy in the US, Europe & Asia to best serve its global automotive customers. (PRNewsfoto/StoreDot)

StoreDot plans to collaboratively produce these batteries in existing and future local gigafactories, rather than building its own facilities in the mid-term and production is on track to commence later next year.

Dr Doron Myersdorf, StoreDot CEO "Today's announcement is an important milestone for StoreDot as we build our global supply chain and manufacturing footprint. We look forward to working with our OEM partners in the US, Europe, and Asia to supply them with our world class extreme fast charging batteries. It's important that leading battery developers like StoreDot can deliver batteries consistently, efficiently, conveniently, and sustainably, as we care greatly about the environmental impact of battery supply chains. By serving our OEM customers from their own locations we can do this more effectively while demonstrating our commitment to net zero."

This announcement follows news at the beginning of the year that its groundbreaking XFC batteries and systems are now being tested by over 15 global automotive brand manufacturers, and that it has additional potential manufacturing partnerships in the pipeline for this year.

StoreDot now has a growing network of strategic global partnerships and investors, spanning the entire battery ecosystem. To date it has received investments from global automotive manufacturers including Daimler, VinFast, Volvo Cars, Polestar and Ola Electric.

Last year, StoreDot revealed its '100inX' strategic technology roadmap which featured 100in5, 100in3 and 100in2 of miles per minute of charging - three generations of StoreDot technologies of silicon-dominant XFC, semi solid state and post-lithium architectures. The roadmap reaffirms that the timings for these will be delivered to automotive OEMs over the coming decade with 100in5 by 2024, 100in3 by 2028 and 100in2 by 2032.

About StoreDot:

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

Through its '100inX' product roadmap, StoreDot's battery technology aims to deliver 'Range on Demand': 100 miles charged in 5 minutes in 2024, 100 miles charged in 3 minutes by 2028, and extreme energy density solution enabling 100 miles to be charged in 2 minutes by 2032. StoreDot's strategic investors and partners include Daimler, bp, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy. StoreDot's agnostic technology is designed to utilize existing standard production lines with no changes to process or equipment. In 2022, the company achieved a world first by demonstrating a live extreme fast charging of an EV battery cell in 10 minutes capable of over 1000 consecutive XFC cycles. This technology is now under testing with over 15 automotive OEMs. StoreDot is on target for mass production readiness of 100in5 technology by 2024.

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

Photo - https://mma.prnewswire.com/media/2068318/StoreDot.jpg

SOURCE StoreDot