Israeli company StoreDot and Vietnamese company VinFast have formed a collaboration to address one of the biggest issues in EV charging – long wait times. They aim to develop the world’s fastest-charging electric vehicle battery using StoreDot’s early-stage development of extreme fast-charging (XFC) battery cells.
StoreDot’s XFC technology, which utilizes silicon-dominant XFC, semi-solid state, and post-lithium architecture, has already produced three generations of samples – 100in5, 100in3, and 100in2 – that can provide a range of up to 100 miles in just two minutes. This partnership is expected to revolutionize EV charging and create a faster, more efficient charging experience, which is crucial for the widespread adoption of electric vehicles. With VinFast’s expertise in next-generation electric cars and StoreDot’s groundbreaking XFC technology, the collaboration could potentially transform the electric vehicle industry.
Over the past few years, StoreDot has developed XFC cells that have produced three generations of samples – 100in5, 100in3, and 100in2 – all of which utilize silicon-dominant XFC, semi-solid state, and post-lithium architecture. These prototypes offer up to 100 miles of range in just two minutes, providing a potential solution to the problem of long wait times.
Series D funding round
StoreDot and VinFast have formed a groundbreaking partnership to tackle one of the most significant issues in the electric vehicle industry – long wait times for EV charging. This collaboration will focus on developing the world’s fastest-charging electric vehicle battery, leveraging StoreDot’s expertise in extreme fast-charging (XFC) battery cells and VinFast’s specialization in next-generation electric cars.
StoreDot has already shipped the 100in5 battery cell prototype to leading automakers such as Daimler, VinFast, Volvo, Polestar, and Ola Electric. Now, the company plans to collaborate with VinFast to prepare for the development and eventual availability of the XFC cell. StoreDot will share its proprietary XFC technology with VinFast, while VinFast will contribute its expertise in manufacturing, validation, and global supply chain network.
VinFast’s investment of $80 million in StoreDot’s Series D funding round in January 2022 was a significant contributor to this collaboration. The two companies expect to launch the commercially available XFC cell in two years. StoreDot CEO Dr. Doron Myersdorf is optimistic about the possibilities that this partnership could bring and the potential impact on the electric vehicle industry. He said, ” “We’re delighted to be partnering with VinES and further cementing our long-standing relationships with Vingroup and VinFast. This venture is an important one for us as we look to build more partnerships with companies at every level of the EV battery ecosystem such as Vingroup. I’m confident that the combination of our XFC cell chemistry and VinES’s complimentary form-factor development, manufacturing, evaluation, certification, and supply chain capabilities will deliver world-class market-leading EV batteries that will raise the bar further for the industry.“
Talking about the partnership, Ms. Pham Thuy Linh, CEO of VinES said: “The partnership with StoreDot reflects VinES’s complimentary strategies by combining global innovative technologies with those in-house in our state-of-the-art production of electric vehicle batteries in Vietnam. With the XFC technology, we believe it will offer an improved customer experience, provide cost savings and remove charging time anxiety entirely. With StoreDot’s team of talented scientists and experienced experts, combined with our know-how in multiple form-factor developments, and real production experiences, we are excited to work towards near-future commercialization of the XFC technology and contribute to the acceleration of the EV revolution globally.”
StoreDot’s technology roadmap, called ‘100inX,’ was unveiled last year, outlining three generations of their technology that promise to provide 100 miles (160 km) of range per minute of charging. These generations utilize silicon-dominant XFC, semi-solid state, and post-lithium architecture. The roadmap confirms that these milestones will be achieved over the next decade, with 100in5 expected by 2024, 100in3 by 2028, and 100in2 by 2032. StoreDot has had a close relationship with Vingroup, a conglomerate based in Vietnam. In January of last year, VinFast, Vingroup’s leading electric car manufacturer, was the primary investor in StoreDot’s Series D funding round, which raised up to $80 million USD.