StoreDot's EV Battery Customization Takes Off: 5 Major Automakers On Board

News provided by

Oct 08, 2024, 08:30 ET

StoreDot's extreme fast charging (XFC) technology offers OEMs (original equipment manufacturers) a customization and production-ready battery at a high-volume scale that solves consumer charging anxieties. StoreDot's recent momentum positions its battery cells ready for rollout with EV makers by the end of 2026.

IRVINE, Calif. and HERZLIYA, Israel, Oct. 8, 2024 /PRNewswire/ -- StoreDot, the pioneer in extreme fast charging (XFC) silicon battery technology for electric vehicles (EVs), enters Q4 of 2024 with a string of key milestones and strategic partnerships highlighting the company's commercialization journey. With five of the top ten OEMs in its current slate of 15 OEM testing programs, StoreDot's silicon-based XFC battery is production-ready, durable, and charges twice as fast compared to other premium fast-charge models, and with no added degradation.

Over the past months, several major automakers have scaled back their EV production amid signs of a decline in growth. After years of robust demand trajectory, industry insiders fear that a continued market slowdown could derail adoption momentum, particularly in Europe. As EV government subsidies dry up, the main force behind the market slump is drivers' concerns surrounding lacking charging infrastructure with limited availability of fast charge capabilities, a challenge solved by StoreDot's advanced battery technology.

StoreDot's 2024 progress has provided the industry with a proven fast-charge battery solution. The company's growth momentum is highlighted by its ongoing collaboration with leading OEMs that test and verify the performance of its battery, including a successful vehicle demonstration in a Polestar 5 prototype. The company now confirms that it works closely with at least 5 leading car manufacturers on customizing the technology and fitting it into the manufacturer-specific cell dimensions, to embed the 10 minute charging capability in upcoming models.

By confirming its production-ready, long-range EV batteries can charge in 10 minutes, StoreDot solidifies its market position as the only proven extreme fast-charge battery which doesn't compromise range or battery health, addressing the market's #1 concern of 'time to charge' as recently stated by Deloitte's 2024 global automotive consumer study.

With over 100 patents in its IP portfolio, StoreDot's "drop-in" technology utilizes existing manufacturing equipment and processes across multiple facilities, providing OEMs with a quick-to-market solution with no additional CAPEX.

"We're proud to check the box on yet another commercial milestone. Partnering with leading OEMs allows us to continue optimizing our XFC technology, while charging from 10-80 percent in only 10 minutes," says Dr. Doron Myersdorf, CEO and Co-Founder of StoreDot. "At StoreDot we predict that XFC technology will evolve from a premium feature to a standard in all EV models, solving charging and range anxiety."

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 delivers '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. For more information, visit: https://www.store-dot.com/

Logo: https://mma.prnewswire.com/media/2501776/StoreDot_Logo.jpg

Contact:
Alona Stein
[email protected]

SOURCE StoreDot