STOREDOT PREDICTS EXTREME FAST CHARGING (XFC) IS BECOMING A MAINSTREAM EV REQUIREMENT, INITIALLY DEBUTING IN PREMIUM VEHICLES

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Jul 24, 2024, 04:00 ET

StoreDot predicts XFC technology will evolve from a premium feature in high-end EVs to a mainstream requirement across all car segments
Demand for XFC will be driven by consumer expectations for shorter charging times and improved charging experience, becoming particularly appealing to EV car owners having limited access to home or workplace charging
XFC empowers OEMs to offer EVs with a smaller battery pack enabling a lower and a more attractive price tag with a lighter footprint
OEMs now testing StoreDot's XFC might offer it as an upgrade to EV models
XFC will allow better utilization of high-power charging stations (more KW charged per charging outlet) and thus improve their ROI
StoreDot's XFC technology gives drivers long driving range while enabling ultra-fast charging, without compromising battery performance, health and longevity

IRVINE, Calif., July 24, 2024 /PRNewswire/ -- StoreDot, the pioneer and world leader in extreme fast charging (XFC) silicon battery technology for electric vehicles (EVs), forecasts that XFC technology is becoming a mainstream feature required by all EV drivers, after initially entering the market as a premium offering in high-end EVs.

StoreDot's XFC will be a mainstream feature after debuting in premium vehicles

StoreDot's vision aligns with growing consumer expectations for shorter charging times and longer range, which will drive XFC to become a necessary industry standard. As the EV market evolves, the company sees XFC technology following the path of other innovative automotive features, starting as a premium offering before becoming ubiquitous.

The concept of extreme fast charging is already enhancing the appeal and marketability of EVs with drivers expecting it in their vehicles and opting for XFC-compatible models, giving premium automotive brands a competitive edge. However, as more drivers experience its convenience, it's expected to become a key factor in purchasing decisions across all EV segments.

Other predictions about XFC made by StoreDot are that it will make the EV option much more appealing to drivers that don't have access to home or workplace charging and will allow OEMs to offer EVs with smaller battery packs, empowering them to offer vehicles with a more attractive price tag and a lighter weight. In addition, fast charging infrastructure utilization and ROI is expected to increase as EV adoption with XFC capabilities is widely adopted.

Dr Doron Myersdorf, CEO of StoreDot, said:

"XFC will become mainstream as it meets drivers' expectations for shorter charging times and a longer range. But it doesn't stop with the driver; it'll benefit the entire ecosystem. It will make EVs more desirable, and some OEMs will offer it as a customizable feature like an extended range premium option. This desirability is crucial for OEMs, especially when facing EV demand fluctuations and addressing consumer concerns about infrastructure and charging times. Importantly, our XFC technology doesn't compromise battery life or performance and as consumers realize this, XFC adoption will accelerate. We continue to work closely with leading brands on delivering fast adoption and a shorter time to market for our XFC technology and are excited about it entering the mass market."

StoreDot's proven '100in5' XFC battery technology, using silicon-dominant anodes, can maintain high energy densities comparable to conventional lithium-ion batteries, while also enabling ultra-fast charging rates and long cycle life.

As XFC technology matures, StoreDot is preparing to meet future demand across the entire EV market. The company remains firmly on track with production-readiness of its XFC cells that deliver 100 miles charged in 5 minutes this year. It aims to deliver 100 miles charged in 4 minutes in 2026 and 100 miles charged in 3 minutes by 2028.

2024 has seen StoreDot continue its path towards commercialization. Earlier this year it demonstrated that its XFC battery technology could charge Polestar 5 prototype EV in just 10 minutes in a video released here.

About StoreDot

StoreDot is the pioneer and world 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 the charging of an EV in under 10 minutes – the same experience as refueling 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's media kit can be found at this link.

Photo - https://mma.prnewswire.com/media/2467546/StoreDot.jpg

SOURCE StoreDot