StoreDot announces first close of $80M Series D, led by VinFast; manufacture at scale of extreme fast charge battery cells by 2024
StoreDot, the developer of extreme fast charging (XFC) battery technology for electric vehicles, announced the first close of its Series D funding round of up to $80 million, the majority of which have already been secured. The round is led by key strategic investors, strengthening StoreDot’s partnerships in the global automotive battery eco-system. The lead investor is the fast-growing flagship Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in future EV architectures.
Participants include bp ventures, a current StoreDot investor and active partner. In addition, Golden Energy Global Investment Ltd., a wholly owned company by EVE Energy’s founder, Dr. Liu Jincheng, will be one of the participants in the funding round.
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.
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.
StoreDot says that it is in advanced talks with leading global car makers for integration of its XFC technology into their future models. The company demonstrates a clear technology roadmap including its next generation XED, extreme energy density solid state cells with planned mass production in 2028.
J.P. Morgan acted as Sole Placement Agent on the transaction.