Israeli startup StoreDot has completed a round of funding which could help it scale-up its electric vehicle (EV) fast-charge FlashBattery technology.
The company aims to bring to market its Flashbattery technology after securing $18million funding for a new EV business unit.
Storedot will use an array of 7,000 FlashBattery cells, which it claims will be able to fully charge an EV in just five minutes.
The FlashBattery technology relies on "nanodots", comprised of bio-organic peptides, which form the basis of a multi-function electrode that allows for supercapacitor-like rapid charging, with a slow discharge more like a lithium-ion battery.
The concept includes lithium components in the cathode, but the secret to its recharge speed lays in modified anode and cathode and a proprietary electrolyte and separator, the company claims.
The technology could be see EVs reach the holy grail of for 300 miles (480 km) of driving in one charge, say the firm.
However, StoreDot founder and CEO Dr. Doron Myersdorf does not expect EV using the technology to hit the market until after 2020. The company is in talks with European and Chinese car OEMs.
The company's latest financing brings its total funding to-date to $66 million.