Daimler invests in Israeli fast battery charge co StoreDot

Storedot  photo: Eyal Yitzhar

Daimler has come in as a strategic investor to accelerate adoption of StoreDot's FlashBattery technology for electric vehicles.

Israeli fast battery-charging technology startup StoreDot has announced the completion of a third financing round led by the truck division of luxury and commercial vehicles maker Daimler. The round totaled $60 million, Participants included Lucion Venture Capital Group and financial institutions from Israel and China, as well as veteran investors in the company such as Samsung Ventures and Roman Abramovich's Norma Investments Daimler has come in as a strategic investor that will accelerate adoption of StoreDot's FlashBattery technology in the electric vehicle market.

According to StoreDot, FlashBattery enables an electric vehicle to be charged in about the same time as it takes to fill up a conventional internal combustion or diesel engine-powered vehicle with fuel - just five minutes. Depending on battery capacity, the vehicle will be able to travel 300 kilometers or more between charges.

Martin Daum, member of Daimler’s Board of Management with responsibility for Daimler Trucks and Daimler Buses, said, “Electrification of trucks is of top priority at Daimler. Today’s global launch in New York City of the FUSO eCanter, the world’s first series-produced all-electric light-duty truck, provides impressive proof of our strive for bringing electric vehicles for everyday use to the market. Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging.”

“Having Daimler, a world leader in the automotive space, as a strategic partner, is of significant value to StoreDot. It will accelerate the completion of our development process and the introduction of FlashBattery to the market. Together with Daimler teams, we create synergies that optimize the characteristics of our innovative solutions with the requirements of the electric vehicles of the future“, said StoreDot co-founder and CEO Dr. Doron Myersdorf.

Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Storedot  photo: Eyal Yitzhar
Storedot photo: Eyal Yitzhar
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