StoreDot Secures Financing To Build The First Ever Instantly-Charging Car Prototype
Just last year, StoreDot made news with its rapid-charging smartphone battery that the Israeli startup claimed could be fully recharged in just 30 seconds, while hinting the technology could be scaled up for fast-charging electric vehicles (EVs).
StoreDot has just secured $18 million in funding for its new Electric Vehicle business unit, bringing the total funding to-date to $66 million. This round of funding will focus on the development and commercialization of the Electric Vehicle business unit. One of the company’s immediate goals is to build the first ever instantly-charging car prototype, even before Tesla and other competitors in this space.
The new business unit will allow future electric vehicles to fully charge in only five minutes as opposed to the long hours it currently takes. With StoreDot’s proprietary FlashBattery technology drivers will be able recharge in five-minutes which could make a dramatic impact on global EV adoption. In addition to perfecting the FlashBattery itself, the funding will support the development of a powerful charging station, a fast charging standard, and an integrated FlashBattery management system.
This startup just might just be able to deliver on its vision of EVs that can receive a full charge in just five minutes.
Got to chat a bit with Doron Myersdorf, Founder and CEO of StoreDot.
TD: What kind of technology are you creating? We are creating a new generation of lithium battery, with new materials and new structures that are optimized for faster charging.
TD: Now that you raised $18 million, are you planning on building a car-charging prototype? Yes. Indeed. We are looking for a strategic partner (EV maker) to work with us on it.
TD: What problem are you trying to solve? Who is your competition? The pain of drivers everywhere who are interested in EVs, but have the anxiety of not having enough millage is a critical problem to solve. We also want to shorten the charging time of an electric car battery. Most of our competition comes from the EV makers.
TD: Are you planning on tapping into the Asian market? Yes. China is a major region that we are planning to target.
TD:Discuss any failures or setbacks you’ve experienced and how you got through them. We have been facing issues of the grid balancing with our needs for high power, and managing the heat during charging. We are still working on the solutions, including the option to actively cool the interface while you charge.
TD: How different will cars and the driving experience be in, say, 2020 from what they are today? The experience of charging will be exactly like today’s fueling. This will hockey stick the demand for EVs.
TD: Is there anything else you would like to add? Fast charging is happening, and our company is leading the vision that large players will follow very soon.
StoreDot is a company with a ground-breaking technology, based on its discovery of new generation, self-assembled Nanodots of biological origin. Representing elementary biological building blocks, these multifunctional Nanodots are at the core of several patented innovations by StoreDot, and constitute the future nanotechnology and advanced nano-photonic devices, including smartphones, TV’s, energy storage devices and more.