Israeli start-up StoreDot has raised a further $60 million to support the scaling-up of its electric vehicle (EV) fast-charge FlashBattery technology in a third round of funding led by the truck division of Germany’s Daimler.
StoreDot has said previously it was in talks with European and Chinese car OEM’s about its technology.
Now StoreDot has revealed it demonstrated “a proof of concept for five-minute charging of a vehicle earlier this year”. The company said its new batteries are “currently in advanced stages of development”— ahead of integrating them into EVs that are under design.
And StoreDot has reiterated its goal of using its technology to see EVs reach the holy grail of 300 miles (480km) of driving in one charge.
StoreDot co-Founder and CEO Dr Doron Myersdorf said: “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.”
The Daimler management board member responsible for the group’s trucks and buses businesses, Martin Daum, said: “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.”
StoreDot said its 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.
StoreDot has said previously that it does not expect EVs using its technology to hit the market until after 2020.