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Summary
- Israeli company StoreDot Ltd has come up with a first-ever EV battery technology that can charge vehicles in just about five minutes.
- The company said that it is set to release the first production set of the sample cells.
- There have also been some speculation about StoreDot looking at a potential IPO, although the company has not officially revealed any such information yet.
Israeli company StoreDot Ltd is making headlines with its latest manufacture -- a first-ever battery technology for electric vehicles (EV) which can get charged in just about five minutes. The latest innovation could take EVs a step closer to making their refueling process as quick as traditional cars filling up at a gas station.
Along with their latest five-minute EV battery charge-up news, there have also been some speculation about StoreDot looking at a potential IPO, although the company has not officially revealed any such information yet.
StoreDot’s First-ever ‘5-Minute Charge’ Batteries For EVs
StoreDot announced the latest news about its extreme fast charging (XFC) battery technology on Tuesday, January 19. The company said that it is set to release the first production set of the sample cells.
The lithium-ion battery samples, the company said, were produced by its Chinese strategic partner, Eve Energy Co. StoreDot also shared a demonstration of the battery samples being used to charge up a two-wheeled electric vehicle in about five minutes.
©Kalkine Group 2021
While StoreDot stressed on how this new technology could help overcome the charging anxiety often linked with switching to an EV, some reports project that such rapid charging batteries are unlikely to be achievable at scale for years to come with the current available charging infrastructure.
The XFC pioneer said that it is now looking forward to the launch of its second-generation, silicon-based anode prototype battery for EVs later in 2021.
StoreDot IPO On The Horizon?
EV-oriented companies have been making a rush to go public since the second half of 2020, including big names such as Nikola Corporation, Fisker Inc, etc. Hence, speculation about StoreDot’s IPO isn’t unusual.
StoreDot is privately owned, with its headquarters sitting in Herzeliya, Israel. It is currently working on making rapid charging EV battery technology available for use by 2025.
StoreDot reportedly has some substantial institutional backing at the moment, including big names such as tech giant Samsung, automotive manufacturer Daimler AG, oil company BP plc, EG Capital Advisors, etc. BP’s venture wing is said to have made a million-dollar investment into StoreDot.
Although some unlisted stocks platforms have been offering shares trading services in StoreDot and many investors have shown interest in its stocks, The EV battery technology provider is yet to confirm any IPO rumor.
