StoreDot recently unveiled its progress on testing industrial prototypes of electric vehicle batteries. As a reminder, StoreDot, a pioneer in ultra-fast charging technology provided battery samples to leading global automakers for real-world testing last year. Companies, including Daimler, VinFast, Volvo, BMW, Polestar, and Ola Electric, are testing “100in5” batteries within specific car models. These batteries have the potential to afford electric vehicles a power reserve of 100 miles in just 5 minutes of charging.
The Vietnamese automobile brand VinFast is nearing the completion of the tests and has already announced its intentions to use StoreDot batteries in its mass-produced electric vehicles. Currently, the partners are discussing the terms of the agreement for the production and supply of industrial batches of their batteries. Meanwhile, other companies continue testing, refining optimal parameters, and rectifying technical glitches. The automakers have expressed positivity regarding the progress of the process, with all tests expected to conclude by the end of this year.
Simultaneously, StoreDot is gearing up its manufacturing facilities for the mass production of batteries. The launch of the assembly line is planned for 2024 at the EVE Energy plant, a partner of the company, in China. All previous battery prototypes were crafted on the EVE Energy lines, and to start the assembly line production will simply require the installation of additional modules on existing equipment.
StoreDot’s production strategy involves the localization of supply chains in Asia, Europe, and the USA to optimize production and logistics efficiency, delivering products to consumers on time. In Europe, StoreDot battery production will be managed by Italvolt SpA, which owns the largest battery cell production plant in Italy. The launch of the joint production is expected in 2025. Localization will make it possible not only to quickly establish the manufacture of batteries but also subsequently to swift response to emerging demand, significantly reducing the supply chain from the manufacturer to the consumer.
The preparation of production sites and the organization of serial production will require additional investments from StoreDot, which the company plans to garner in the forthcoming investment round. A partner investment bank, whose name remains undisclosed, will undertake the role of capital inflow facilitation, commencing operations at the end of this year.
StoreDot is consistently moving towards its objective in accordance with its roadmap. Today, when an Israeli startup is a step away from launching industrial production, investors are unequivocally positive about both the results and prospects of the project.
Veligera Capital invested in StoreDot in the summer of 2021.
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