StoreDot gets $60 million funding by Daimler

StoreDot Ltd gets US$60 million from Daimler and accumulates valuations of up to US$500 million. Quick-charging battery startup headquartered in Tel Aviv gets fresh funding from Daimler AG's Trucks division to bring super fast charging technology and energy storage materials. A representative from Daimler will be appointed to the Board of Directors of the StoreDot in the deal.

Tinuku StoreDot gets $60 million funding by Daimler

StoreDot Ltd founded by Doron Myersdorf in 2012 is a pioneer of nanotechnology materials and one of the leading companies for charging electricity and energy storage materials. Last year they announced a controversial technology where full battery charging in just 5 minutes.

StoreDot and Daimler have agreed to forge strategic partnerships focus on FlashBattery technology that allows charging every electric vehicle within minutes or as fast as filling up the gasoline car tank. They say new funds to float integrated technologies tailored for the next generation of FUSO eCanter

"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," said Martin Daum, Member of Daimler’s Board of Management with responsibility for Daimler Trucks & Buses

"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," Daum said.

StoreDot develops new organic compounds combined with nanomaterials to be implemented on battery cells. Currently the battery is in development stage and is expected to be integrated into many electric vehicles that are now in the design stage of the future.

"Having Daimler, a world leader in the automotive field, 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," said Myersdorf.

"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," Myersdorf said.