A new round of $80 million as Series D has been closed, StoreDot valued at $1.5 billion.
The lead investor in this funding round was VinFast, a member of Vingroup, an industrial conglomerate in Vietnam. The group is going to expand production and implement Extreme Fast Charging StoreDot technology in next-generation electric vehicles. VinFast, founded in 2017, is one of the leading car manufacturers in Asia. In 2021, VinFast began expanding into North American and European markets.
BP ventures and Golden Energy also took part in the round.
StoreDot's investors now are VinFast, BP, Daimler, Samsung Ventures and TDK.
According to StoreDot, their Extreme Fast Charge (XFC) batteries will revolutionize conventional lithium-ion batteries, allowing an electric vehicle to be fully charged in just five minutes - the same time it takes to refuel a conventional combustion engine. In January 2021, the company produced industrial prototypes of its new generation batteries with a 5-minute charge. Those can be used in a variety of devices including drones, motorcycles, tools, and other electronics with lithium-ion batteries.
Money raised in this round will be used for R&D and refinement of ultra-fast charging batteries for electric vehicles. Also, part of the collected sum will go for the R&D center in California and building StoreDot’s own factory.
The first cars using the technology developed by StoreDot will hit public roads in early 2025.