STOREDOT, THE EXTREME FAST CHARGING BATTERY PIONEER ACHIEVES ALL ITS MILESTONES FOR 2022 AND OUTLINES COMMERCIALIZATION FOCUS FOR 2023 AS THE ADOPTION OF EVs RAPIDLY ACCELERATES

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Dec 13, 2022, 04:00 ET

StoreDot hits all 2022 targets and remains firmly on track for the mass production of extreme fast charging '100in5' battery cells by 2024
VinFast, Ola Electric, Volvo Cars and Polestar all onboarded as strategic OEM partners and investors this year – with plans to extend the portfolio of partners even further in 2023
StoreDot started shipping 300 Wh/kg EV form factor pouch cells to global car makers for testing in 2022, already yielding positive feedback. These cells achieve a world-leading consecutive extreme-fast charging of above 1,000 cycles and uniquely guarantee no battery degradation due to XFC
Improved performance formulation currently being scaled-up in StoreDot labs and at its manufacturing partners while various packaging form-factors are being evaluated and tested
Senior leadership team, US R&D facility and local EU presence expanded including the appointments of Dr. David Lee as global Chief Science Officer and Tamir Ben-Moshe as VP Operations
2023 focus is on establishing additional manufacturing partnerships and broadening StoreDot's capabilities in various form factors as well as reducing charging times further

HERZLIYA, Israel, Dec. 13, 2022 /PRNewswire/ -- StoreDot, the pioneer of extreme fast charging (XFC) battery technology for electric vehicles has already achieved all its planned milestones for 2022 and remains firmly on track for its 100inX strategic technology roadmap. Announced this year, the roadmap will see the delivery of mass produced battery cells capable of 100 miles of range in five minutes of charge by 2024, 100 miles in three minutes by 2028 and 100 miles in two minutes by 2032.

This year has been a critical one for StoreDot. While achieving ground-breaking fast charging performance, it has rapidly expanded its business, its global partners and footprint, and its portfolio of connections with global automotive manufacturers.

In collaboration with its key manufacturing partner EVE Energy, it began shipping EV cell samples of its '100in5' battery technology to its strategic electric vehicle OEM partners and other potential customers. It is now very well poised to benefit from the accelerated mass adoption of electric vehicles, serving global automotive manufacturers with extreme fast charging batteries and assisting them and the entire EV ecosystem as they also undertake rapid business transformation.

The company also continued to raise investment and build relationships with leading global automotive companies. In January, StoreDot announced the close of its Series D funding round of $70 million, with the lead investor being Vietnamese electric vehicle manufacturer, VinFast.

In April, India's leading manufacturer of electric vehicles Ola Electric made a multi-million-dollar investment in StoreDot and committed to manufacturing cells with StoreDot's extreme fast charging technology in India. This was followed by Volvo Cars investing in StoreDot and all-electric premium performance car brand Polestar following suit with a strategic investment in May.

StoreDot continues to innovate in its labs in Israel and the US, building on its reputation of delivering consecutive cycles of extreme fast charging without sacrificing energy density.

It created cells that can achieve a world-leading 1200 cycles whilst maintaining an energy density of 300 Wh/kg. It also revealed technology allowing its cells to maintain a high-performance levels even after 1700 cycles, making them highly effective during the vehicle lifespan and also for a variety of 'second life' applications such as energy storage systems.

The reliability of its technology was also proven in front of a live audience when it demonstrated its '100in5' battery technology at EcoMotion Week in Israel and in Web Summit, Lisbon. Its superior performance was also successfully validated earlier this month by leading independent battery lab Shmuel De-Leon Energy.

Additionally, the company grew its senior leadership team this year by recruiting Dr David Lee as its global Chief Science Officer and Tamir Ben-Moshe as VP Operations. It also rewarded members of its R&D leadership team - Yaron Fein who heads all StoreDot's R&D activities was promoted to Executive VP of R&D, and Dr. Nir Kedem was promoted to VP Cell Development. StoreDot also continued its global expansion, particularly in its US-based R&D center and will continue this globalization effort throughout next year.

Dr Doron Myersdorf, StoreDot CEO: "2022 has been StoreDot's best year to date and has affirmed our positioning amongst the leading innovators and cell manufacturers at the high end of what's available in the market.

"I want to thank everyone that has helped us on our journey to date, from my talented fellow management team and devoted employees to strategic investors and OEM partners. We have delivered exactly what we had promised we would 24 months ago. We say what we do and do what we say, and we will remain completely transparent about our objectives and continue to set realistic, achievable yet ambitious timelines.

"Next year our focus will be on establishing manufacturing partnerships and broadening our capabilities in additional battery form factors, whilst also reducing charging times further and pushing the boundaries of semi-solid and post-Lithium technologies. We look forward to building even stronger relationships with our global automotive partners and will continue to expand globally, augmenting both our leadership team and our world-class battery expertise.

"Our battery cells are currently undergoing real-world testing of the ground-breaking XFC technology around the world and the results so far have been extremely positive and consistent. We remain highly focused on pushing the known boundaries of battery technology to accelerate mass EV adoption with our innovation focus around fast charging, aiming at eliminating range and charging anxiety."

About StoreDot:

StoreDot is the pioneer and global 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 designing and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, making it possible to charge an EV in under ten minutes – the same experience as refuelling a conventional combustion engine car.

Through its '100inX' product roadmap, StoreDot's battery technology delivers '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 to be charged in 2 minutes by 2032. StoreDot's strategic investors and partners include Daimler, BP, VinFast, Volvo, 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 capable of over 1000 consecutive XFC cycles. StoreDot is on target for mass production readiness of 100in5 technology by 2024.

For more information see: www.store-dot.com.

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SOURCE StoreDot