Israeli Startup StoreDot Raises $60M To Charge Daimler’s Electric Trucks

Israeli Startup StoreDot Raises $60M To Charge Daimler’s Electric Trucks

17 Sep 2017

Israeli startup StoreDot has raised $60 million in a funding round led by automotive giant Daimler TrucksStoreDot, which develops fast-charging batteries for mobile devices, electric vehicles and next-generation LCD displays, will power Daimler’s new line of electric trucks. Its phenomenal technology charges a smartphone in just 30 seconds, and an electric car within five minutes.

This is not the first time Daimler invests in the Israeli AutoTech industry. Two weeks ago, the automaker invested in Israeli-founded mobile taxi-hailing service Via, which raised $250 million.

StoreDot made international headlines when it initially announced its smartphone battery solution in 2012. The company developed its patented organic battery compound that charges five times more efficiently than regular electrolyte-powered battery. StoreDot’s solution is based on nano-technology, or “nano-tubes,” which can store and emit a large amount of energy in one go.

As quickly as filling a tank of gas

In 2015, StoreDot developed a technology that can recharge electric cars (such as Tesla vehicles) in five minutes, which should suffice for a 300-mile drive. “StoreDot’s FlashBattery technology enables charging any electric vehicle within minutes, as quickly as filling a tank of gas,” Daimler said in a statement.

Founded in 2012 by Simon LitsynGil Rosenman and DrDoron Myersdorf, StoreDot has so far raised $126 million from Daimler, billionaire Roman Abramovich, Samsung Ventures and others. A representative from Daimler will be appointed to StoreDot’s board of directors. Complementing Daimler’s investment, the two parties have agreed to a strategic partnership that focuses on the field of fast-battery charging.

StoreDot “is a nanotechnology materials pioneer and one of the leading companies for electric charging and energy-storage materials,” Daimler said in a statement.

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