Chernovetskyi Investment Group acquired a share in the Israeli startup StoreDot
StoreDot develops materials for the production of new generation batteries, intended to change the electric car market in the nearest future. The company focused on creating technology for the production of batteries with a high charging speed and increased lifetime and safety of the batteries.
Those results are achieved by replacing the graphite used in the battery with metalloid nanoparticles, including silicon, which allows the electric vehicle to charge in 5 minutes - a record time today.
In addition, the company is working on similar technology for consumer electronics, such as batteries for phones, drones, IoT market items, etc.
The startup has already attracted the attention of several major investors, including British Petroleum, Daimler, Samsung Ventures, who have jointly invested over $130 million in StoreDot.
The project is led by qualified professionals with previous experience in SanDisk: CEO, Doron Myersdorf, who worked as a top-level manager for over 6 years, and Chief Strategist Officer, Simon Litsyn, who held the position of Key Scientist for over 12 years. David Gilmour, a former vice president of British Petroleum has worked as a Board member of StoreDot since 2018, also participates in the management of the project.
StoreDot plans to present new samples of batteries for 5-minute charging of electric vehicles by the end of 2021. The samples will be manufactured at the Chinese company EVE Energy Co., with which it is planned to establish a joint venture for the mass production of batteries in 2024. In addition, StoreDot is planning to open its GigaFactory for the production of batteries.
More at https://www.store-dot.com/ev.
The size of the acquired share and the sum of the transaction were not disclosed.
“At CIG we see huge potential in the EV battery market, and fast charging is one of the factors that holding the mass production and usage of electric vehicles. Moreover, due to the versatility of the technology, the StoreDot product has the potential to change the entire market for battery-powered electronics! ” - says Volodymyr Kryvko, Managing Partner of CIG.
Chernovetskyi Investment Group (CIG) is one of the largest investment funds in Eastern Europe, founded in 2013, with an investment potential of over $100 million and a focus on the Ukrainian IT market. CIG has invested in Busfor, Eda.ua, Kray Technologies, Doc.ua, Softcube, and Zakaz.ua projects. Zakaz.ua became a member of the leading accelerator Techstars in Boston. International deals include investments in the Israeli platform for children KIDOZ and the Indian ready-to-eat food delivery service InnerChef. In 2019, the company invested in the OneKitchen - shared kitchen chain, a leader in the Middle East region. CIG runs its educational project for the development of IT in Ukraine - the CIG R&D LAB platform, which unites three universities in Lviv, Kharkiv, and Odessa. More details: http://cig.vc/