StoreDot: Why Is The EV Battery Maker Trending?

2 min read | March 08, 2021 04:25 AM EST | By Shreya Biswas

StoreDot: Why Is The EV Battery Maker Trending?

What Is StoreDot’s ‘5-Minute Charge’ Battery Technology All About?

StoreDot’s first-generation lithium-ion battery technology could cut down the long hours it takes to recharge an electric car, StoreDot founder Doron Myersdorf reportedly said

Before experimenting with EVs, the XFC technology has previously been tested on phones, drones and scooters, reports say. Manufactures are said to testing on its prototypes at the moment.

As interesting as StoreDot’s new technology seems, some experts believe that it may be unlikely to have rapid charging batteries for EVs achievable at scale in the near future.

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Is StoreDot Heading For An IPO?

With there being a rush of EV-oriented companies heading for public listings over the last year, a similar speculation about StoreDot isn’t unusual. However, it has not officially put out any statement regarding an IPO yet.

StoreDot was founded back in 2012 in Herzeliya, Israel. It reportedly has the backing of key investors such as German automobile maker Daimler AG (Mercedes-Benz), British Petroleum, tech giants Samsung and TDK, and oil company BP plc, which is said to have put in made a million-dollar investment in StoreDot.

Some unlisted share trading platforms have been offering stock-related services in StoreDot, but a confirmed statement from the company regarding its IPO is yet to come.

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