StoreDot has announced the first close of its Series D funding round of up to $80 million, the majority of which have already been secured. The round is led by key strategic investors, strengthening StoreDot’s partnerships in the global automotive battery eco-system. VinFast plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures.
The capital will be used for completion of StoreDot’s R&D and mass production scale-up of silicon dominant extreme fast charging (XFC) battery cells by 2024, the company says.
Participants include bp ventures, a current StoreDot investor and active partner. In addition, Golden Energy Global Investment Ltd., a wholly-owned company by EVE Energy’s founder, Dr. Liu Jincheng, will be one of the participants in the funding round.
The funds raised by this round will be used to complete StoreDot’s research and development for its silicon-dominant extreme fast charge (XFC) battery cells for electric vehicles and continue its progress on Extreme Energy Density cells based on Solid State technology for future deployment, the company says. This funding also enables the company to ramp up its California-based R&D center and commence scale up operations in key global locations, in readiness for full mass production of cells in 2024.
StoreDot says it is in advanced talks with global car makers for integration of its XFC technology into their future models. The Company demonstrates a clear technology roadmap including its next generation XED, extreme energy density solid state cells with planned mass production in 2028.