StoreDot lays off dozens as it prepares for $800 million SPAC merger
Fast-charging battery developer pares workforce ahead of Nasdaq listing.
Israeli company StoreDot, which develops technology for ultra-fast charging of electric vehicle batteries, is laying off dozens of employees, Calcalist has learned. According to estimates, the company, whose main offices are in Herzliya, has been reduced to a workforce of only a few dozen employees. The remaining team is focused on maintaining existing projects and advancing the commercialization of its fast-charging battery technology. StoreDot did not respond to Calcalist’s request for comment.
Last month, the company signed a definitive agreement to merge with a SPAC (special purpose acquisition company). Following completion of the transaction, the combined company will operate under the name XFC Battery and trade on the Nasdaq.
The merger values StoreDot at approximately $800 million on a pre-money basis. The combined company’s enterprise value after cash is expected to reach about $882 million, assuming no substantial redemptions by SPAC shareholders.
The deal was announced in December 2025 and is expected to close during the second quarter of 2026. StoreDot operates under a technology-licensing model: rather than building its own factories, it allows established battery manufacturers to integrate its proprietary chemistry into their existing production lines.
Founded in 2012 by Doron Myersdorf, Prof. Simon Litsyn, and Prof. Gil Rosenman, StoreDot has spent more than a decade developing its technology and has raised roughly $200 million to date. Myersdorf, StoreDot’s CEO, will continue to lead the company following the merger. Its investors include Roman Abramovich, the Wertheimer family, BP, Daimler, Samsung Ventures, GlenRock, Singulariteam, and TDK. In 2022, the company raised a $70 million Series D round at a reported valuation of $1.5 billion, a figure that reflected peak optimism around electric vehicle infrastructure and next-generation battery technologies.
