STOREDOT SIGNS STRATEGIC AGREEMENT WITH FLEX|N|GATE TO PRODUCE EXTREME FAST CHARGING BATTERY CELLS FOR US EV MARKET

• StoreDot partners with leading Tier 1 global automotive component supplier, enhancing its path to OEM commercialization
• Collaboration gives StoreDot strategic North American manufacturing footprint and the ability to supply car makers with robust, proven XFC cells in their desired formats
• Flex|N|Gate Group's cell pilot factory in Windsor, Ontario will produce StoreDot's 100in5 XFC samples for customers next year
• StoreDot's '100in5' cells deliver 100 miles of range in just 5 minutes of charging

HERZLIYA, Israel, Oct. 4, 2023 /PRNewswire/ --StoreDot, the pioneer of extreme fast charging (XFC) battery technology for electric vehicles, is today announcing that it has signed a strategic partnership agreement with Flex|N|Gate, a leading global automotive component manufacturer.

This landmark agreement will see both companies collaborate to sample and scale up the commercialization of StoreDot's game-changing extreme fast charging battery cells for electric vehicles. Samples of StoreDot's 100in5 battery cells will be produced next year at Flex|N|Gate Group's "Flex-lon" lithium-ion cell pilot factory in Windsor, Ontario while working with local automotive OEMs to produce cells with specified performance and formats.

Amir Tirosh, StoreDot COO "This is an exciting and significant agreement which further supports and enhances our path to OEM commercialization. Working with Flex|N|Gate, a tier one manufacturer and global leader in mass-scale automotive component production, opens vast new opportunities for StoreDot in the North American market, including the ability to localize its cell production. The collaboration allows us to serve the needs of local OEMs, building upon our recently established California R&D facility. 

"Our 100in5 battery cells are already being tested by electric vehicle manufacturers; this strategic agreement gives us ability to scale up rapidly to mass production and flexibility to produce OEM li-ion battery cells at the scale and in the form factors required by this burgeoning industry. Enabling owners to charge their cars safely in minutes is no longer an option, as range and charging anxiety remain the main barriers for mass EV adoption.

"We look forward to a long and fruitful relationship with Flex|N|Gate as we roll out the XFC revolution together."

Guido Benvenuto, Flex|N|Gate Vice President of Global Sales "We are honored and excited to collaborate with StoreDot, an acknowledged innovation leader in the EV battery space. Producing extreme fast charging battery cells at giga-scale is a key competitive requirement in the electric vehicle industry. Applying our mass production manufacturing expertise to StoreDot's cutting-edge technologies will create an ideal framework to establish world-class cell manufacturing facilities. Early next year, cells will be produced at Flex-Ion's pilot plant in Windsor, Ontario, where we have established the capacity and flexibility to service the needs of the automotive industry. This will be a significant and rewarding development as the Americas transition to electrified mobility."

StoreDot's commitment to innovation and collaboration is being demonstrated through its rapidly growing global network of strategic partnerships with investors, leading OEMs, and manufacturing partners. Global automotive and EV manufacturers like Daimler, Ola Electric, Polestar, VinFast, and Volvo Cars are already key strategic partners of the company.

Recently StoreDot reported strong performance feedback for the evaluation and integration A-Samples testing phase of its XFC electric vehicle battery cells. The comprehensive testing programs took place earlier this year by 15 leading global automotive brand manufacturers from Europe, Asia, and the US, as well as several of StoreDot's strategic ecosystem partners, with many now moving onto B sample and cell integration programs.

About StoreDot

StoreDot is the pioneer and leader of extreme fast charging (XFC) electric vehicle batteries that overcome the critical barriers to mainstream EV adoption – range and charging anxiety. The company has revolutionized the conventional Li-ion battery by innovating and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, enabling to charge an EV in under 10 minutes – the same experience as refuelling a conventional combustion engine car.

Through its '100inX' product roadmap, StoreDot's battery technology is delivering 'Range on Demand^™': 100 miles charged in 5 minutes in 2024, 100 miles charged in 3 minutes by 2028, and extreme energy density solution enabling 100 miles charged in 2 minutes by 2032. StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy. In 2022, the company achieved a world first by demonstrating a live extreme fast charging of an EV battery cell in 10 minutes. StoreDot is on target for mass production readiness of 100in5 technology by 2025.

StoreDot's media kit can be found at this link.

About Flex|N|Gate Group

Privately held Flex|N|Gate Group (www.flex-n-gate.com ), is controlled American industrialist Mr Shahid Rafiq Khan (https://en.wikipedia.org/wiki/Shahid_Khan ) The Flex|N|Gate Group is a leading manufacturer and supplier of parts, components, sub-systems and systems for the automotive industry with a global platform of seventy-seven(77) integrated manufacturing, product development and advanced product engineering facilities. The group employs a global team of over 26,000 individuals. Founded in 1956, it ranked as one of America's Best Large Employers by Forbes magazine in both 2021 and 2022. Flex|N|Gate Group companies operate facilities in the United States, Canada, México, Spain, France, Italy, Germany, the United Kingdom, China, and Argentina. Flex-N-Gate's headquarters are located in the United States.

Flex|N|Gate Group products are found on the world's leading automotive badges, including: Acura, Audi, Bentley, BMW, Buick, Cadillac, Citroen, Dacia, Dodge, Fiat, Ford, General Motors, Genesis, GMC Truck, Honda, Hyundai, Infiniti, Jaguar, Jeep, Lamborghini, Land Rover, Lexus, Lincoln, Mazda, Mercedes-Benz, Mini, Mitsubishi, Navistar International, Nissan, Opel, Peugeot, Polestar, Range Rover, RAM, Renault, Rolls-Royce, SEAT, Škoda Auto, Smart, Subaru, Suzuki, Tesla, Toyota, Volkswagen, and Volvo.

Flex|N|Gate Group designs, manufactures and supplies the global automotive industry with complete advanced bumper assemblies, mechanical components, assemblies and systems, exterior painted plastic trim, interior plastic, stamped body-in-white, complex welded structural assemblies and advanced forward, in-vehicle and rear lighting for the light vehicle market.

Flex|N|Gate Group's achievements are consistently recognized within the automotive industry. In 2022, Automotive News ranked FNG North America's 7th largest supplier (31st largest globally). Repeated industry accolades over the last fifteen years include the following awards:(a) Ford World Excellence; (b) GM Supplier of the Year; (c) Toyota Excellent Quality Awards; (d) Nissan Supplier Diversity Award; (e) Subaru Excellence Awards, (f) Stellantis Supplier of the Year – North America; (g) VW Excellence in Development Award.

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SOURCE StoreDot