Daimler Leads $60 Million Round for Quick-Charging Startup
Israel-based StoreDot developed an electric vehicle battery that charges in 5 minutes or less
Also participating in the round is the Chinese Lucion Venture Capital Group and previous investors such as Samsung Ventures, equity investment company GlenRock Israel, Ltd., and London-based Norma Investments, which is linked to Russian billionaire Roman Abramovich.
Founded in 2012 by CEO Doron Myersdorf and headquartered in Herzliya, 7 miles north of Tel Aviv, StoreDot develops batteries for mobile phones, tablets and laptops, and also for electric vehicles. The company says that its batteries, called FlashBattery, enable a charging time of five minutes or less without the side effect that shortens battery life in current lithium-ion batteries.
The company, whose batteries are at the final stages of development, raised $108 million in total equity funding until now.
"Electrification of trucks is of top priority at Daimler" said Martin Daum, member of Daimler's board of management. Daimler, as a strategic partner, will promote FlashBattery in the electric vehicle market. According to StoreDot, a fully-charged battery will enable a vehicle to drive for 300 miles.
This is Daimler's second investment this month in an Israel-linked startup company. On September 4 Daimler announced it will invest $50 million in a joined European on-demand van-pooling service with shuttle-sharing startup Via Transportation inc.