Solid state battery ipo8/29/2023 ![]() ![]() Most of the company’s models are based on BMW cars.QuantumScape, the solid-state battery company backed by Volkswagen Group, has agreed to merge with a special purpose acquisition company Kensington Capital Acquisition Corp. ![]() VinFast recently started expanding to the North American and European markets. StoreDot had previously considered setting up its own manufacturing plant, but due to the massive costs incurred by building a facility and transporting the batteries, ultimately decided to change strategy and join forces with different manufacturers of electric vehicles in order to manufacture the batteries in their factories.Įstablished in 2017, VinFast is one of the leading auto manufacturers in Asia. The facility is set to manufacture 300,000 batteries a year. As part of the investment, VinFast is planning to build a battery manufacturing facility by 2024 that will produce batteries to be used in vehicles to be sold in 2025. This funding also enables the company to ramp up its California-based R&D center and commence scale-up operations in key global locations, in readiness for full mass production of cells in 2024. The funds raised by this round will be used to complete StoreDot’s research and development for its silicon-dominant extreme fast charge (XFC) battery cells for electric vehicles and continue its progress on Extreme Energy Density cells based on Solid State technology for future deployment. Those batteries can be used to power various devices including drones, electric motorcycles, scooters, power tools, and others. In January of last year, the company showcased engineering samples of its first-generation 5-minute-charge battery. According to StoreDot, its extreme fast charging (XFC) batteries will revolutionize the conventional Li-ion battery by making it possible to fully charge an EV in just five minutes – the same time it takes to refuel a conventional combustion engine vehicle. Participants include bp ventures, a current StoreDot investor and active partner, in addition to Golden Energy Global Investment Ltd., a wholly owned company by EVE Energy’s founder, Dr. The Series D is being led by Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures. We have an opportunity to create a massive market for fast-charging batteries.” “This entire ecosystem is going to undergo a revolution with everyone going electric and this is our window. “We have come to the conclusion that the auto world should be our only focus and we are investing all of our resources in that sector,” added Myersdorf. “We brought in JP Morgan to advise us when would be the right time to go public in regards to the market and that is why we raised money that will last us for the near future.” ![]() Myersdorf confirmed that the company approached investment bank JP Morgan on the matter, but that the timing and likelihood of an IPO still remains unclear. ![]() StoreDot CEO Doron Myersdorf confirmed the news to Calcalist and noted that the current round will allow the company to take its time and determine if it should go public, whether via a merger with a SPAC or the traditional route, depending on the state of the market. The new round marks significant growth for the Israeli company, which was valued at $500 million in its previous funding round in 2017. The company has raised $60 million in its Series D to date, but isn’t closing the round yet in order to allow additional strategic investors from the automotive industry, who are still assessing its technology, to join. Fast-charging battery startup StoreDot has raised tens of millions of dollars at a valuation of $1.5 billion, Calcalist has learned. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |