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StoreDot Ltd.
Industryautomotive, electric batteries[1]
Founded2012; 12 years ago (2012)
FoundersDoron Myersdorf, Simon Litsyn, and Gil Rosenman
Headquarters
Herzliya
,
Israel
Key people
ProductsPreviously in development:[1]
  • peptide-based displays, batteries, and storage devices (2012-2019)
  • organic-compound-based 30-second-charging mobile phone batteries (2014-2017) and 5-minute-charging electric car and UAV batteries (2014-2020)
  • germanium-based fast-charging batteries for phones, scooters, and electric cars (2017-2020)
Currently in development:
  • silicon-based fast-charging electric car batteries (2019-)
OwnersBP, Daimler, Samsung, TDK, Vingroup, Ola Electric, Samsung, TDK, EVE Energy,[3][better source needed] Volvo,[4] Polestar[5]
Number of employees
120 (2021)
SubsidiariesMolecuLED
Websitestore-dot.com

StoreDot is a developer of lithium-ion (Li-ion) batteries for electric vehicles founded in 2012 by Doron Myersdorf, Simon Litsyn, and Gil Rosenman. It is based in Herzliya, Israel.

The company was founded around developing peptide-based mobile phone displays and data storage. The company reported it was ready to commercially release these products: peptide-based displays by 2016; peptide-based batteries for mobile phones that fully charge in 30 seconds by 2016; germanium-based mobile phone batteries by 2019; electric car and aerial drone batteries that fully charge in five minutes by 2020; and scooter batteries that fully charge in under five minutes by 2021. None of the company's products were ever commercially released as of March 2022.[1]

The company, as of 2023, is developing a silicon-based electric vehicle battery which it aims to deliver commercially in 2025.[6] The company does not plan to become a battery manufacturer or supplier, but instead plans to license its technology to major manufacturers or lease dedicated manufacturing capacity from existing suppliers,[7] saying its silicon batteries can be manufactured using existing factories and manufacturing processes.[8]

Product development

Displays

StoreDot was founded in 2012 by Doron Myersdorf, Simon Litsyn, and Gil Rosenman, initially developing displays and storage devices based on research by Ehud Gazit. A year later its CEO, Myersdorf, said their peptide-based display technology is ready to be "packed and sold" and its related intellectual property could be sold for 300 million dollars.[9][10] The displays and storage devices were based on "peptide nanocrystals", and a prototype storage device was made in 2012 that is "three times faster than conventional memory."[11] The company's CEO said the display technology is 20% more power-efficient and 90% less costly to manufacture than OLED, and the displays were ready in 2015 for full-scale manufacturing using existing factories and manufacturing processes,[12] and were to be commercialized by 2016.[13][14] By 2019 the display technology was spun off into its own company, MolecuLED. As of 2022, MolecuLED has no employees.[1]

Organic compound peptide-based batteries

StoreDot reported in 2014 to have developed organic-compound peptide-based smartphone batteries capable of being fully charged within 30 seconds.[1][15] The company said its 30-second-charging organic-compound-based battery would be commercially available for smartphones by 2016,[1][13][14] and for electric vehicles[16] and aerial drones[17] by 2020.

The company acknowledged in 2015 that its claims regarding its organic batteries have not been scientifically peer-reviewed.[18][19]

Germanium batteries

The company was developing germanium-based batteries by 2017, citing graphite-free batteries and an electric vehicle battery that fully charges in five minutes, expecting "millions of cars" to be equipped with its electric vehicle battery by 2020.[20][1] The company announced in 2018 that its mobile phone battery would be commercially available by 2019, and that it had plans to build a battery factory in the United States by 2022.[1] In 2019 it announced the commercialization of a 168-cell germanium-tin battery for electric scooters, and stated that its mobile phone products would be commercially available in late 2020 and the scooter battery would be commercially available in 2021. The company's CEO said its electric car battery would have ten times as many cells as the scooter battery, charge fast enough to add 300 miles of range in under five minutes, and have a cooling system; and that its batteries did not degrade.[21][22]

A 2019 peer-reviewed study concluded that the company's claimed battery capabilities have no basis in published, peer-reviewed literature, and listed its unreleased products.[23] Science journalist John Timmer could not identify in 2021 any published research about the company's germanium battery technology.[24]

Silicon batteries

The company started promoting its silicon-based batteries in 2019 and ceased development of its germanium-based batteries in 2020.[1] The company sent germanium sample batteries to manufacturers in place of silicon sample batteries.[24] The company's CEO said the germanium batteries were only developed as proof-of-concept, were only meant to be sold in small quantities, and that they were never released because they weren't sufficiently differentiated from the rest of the market.[1]

Group14 Technologies has developed silicon nanoparticles called SCC55 which allow lithium-silicon batteries to charge from 10% to 80% state-of-charge in 10 minutes.[25] StoreDot needs this material for their silicon batteries. As of 2023, the company is looking for suppliers capable of manufacturing thousands of tonnes of this material, which is critical for their business.[7]

The company's batteries are projected to have a charging rate of 350kW and a service life of 1000 fast-charging cycles. The battery cells have a sponge-like carbon electrode imbued with silicon nanoparticles that react with the lithium ions, keeping the silicon's expansion within the carbon "sponge".[26] The company sent pouch-cell samples in 2022 to be tested by global car makers[27] and announced the batteries would be mass-produced in 2024[1] and commercially available in vehicles in 2025.[6]

Financing and valuation

StoreDot raised over 6 million dollars in an initial investment round, and by the end of 2014 had raised another 42 million dollars.[11] It raised another 62 million dollars by the end of 2017.[20] The company was in negotiations in March 2021 for a SPAC merger at a $3.5 billion valuation.[28] A further funding round of 70-80 million dollars in 2022 gave it a $1.5 billion valuation.[29][30] The company plans as of 2023 to raise further capital in 2024 or 2025 in order to build up its silicon nanoparticles supply chain and secure dedicated manufacturing capacity for its batteries from existing manufacturers.[7]

References

  1. ^ a b c d e f g h i j k Sagi Cohen (March 4, 2022), "מה קרה לסטורדוט הישראלית, שהבטיחה לשנות את העולם", TheMarker
    Sagi Cohen (March 13, 2022), "This Israeli Firm Promised to Reinvent the Battery. The World Is Still Waiting", Haaretz.com
  2. ^ Charlie Martin (January 4, 2023), "Storedot hires ex-Jaguar Land Rover boss as chairman", Autocar, retrieved January 23, 2023
  3. ^ Hill, Joshua S. (2022-04-20). "Volvo Cars grabs stake in ultra-fast charging battery developer StoreDot". The Driven. Retrieved 2022-12-19.
  4. ^ "Volvo Cars Tech Fund invests in battery technology pioneers StoreDot". Volvo. 2022-04-19. Retrieved 2023-05-16.
  5. ^ "Polestar invests in extreme fast charging battery company StoreDot; unlocks access to advanced battery technology". Polestar. 2022-05-24. Retrieved 2023-05-16.
  6. ^ a b Michelle Lewis (April 21, 2023), "StoreDot's ultrafast batteries will be installed in VinFast EVs in 2025", electrek
  7. ^ a b c The EV Report Podcast, "StoreDot Founder & CEO, Doron Myresdorf", YouTube, 15 minutes and 32 seconds into the video, and 25 minutes and 59 seconds into the video
  8. ^ Nikki Gordon-Bloomfield (April 24, 2023), "What's Behind StoreDot? We Find Out", YouTube, Transport Evolved, 10 minutes and 32 seconds
  9. ^ רועי גולדנברג (December 15, 2015), "עשרת הסטארט-אפים המבטיחים של "גלובס" לשנת 2015", Globes
  10. ^ שמוליק שלח (June 25, 2013), "מגמת אלקטרוניקה", Globes
  11. ^ a b Inbal Orpaz (October 1, 2014), "סטורדוט הישראלית גייסה 42 מ' ד' לפיתוח סוללה לסמארטפון שנטענת ב-30 שניות", TheMarker
  12. ^ Uri Eliabayev (July 2, 2015), "מהפכה במסכים: StoreDot הישראלית מציגה חסכון של 20% בצריכת חשמל ועלות הנמוכה ב-90%", Gadgety.co.il
  13. ^ a b Abigail Klein Leichman (July 20, 2015), "StoreDot brings vivid color to your screen, for less", Israel21c
  14. ^ a b David Shamah (July 2, 2015), "5-minute phone charging nano-tech creates better display, too", Times of Israel
  15. ^ Marc Zaffagni (April 10, 2014), "StoreDot: 30 secondes pour recharger la batterie d'un smartphone", Futura-sciences.com (in French), retrieved April 23, 2019
  16. ^ Scott Collie (May 15, 2017), "StoreDot electric car battery can be filled in 5 minutes", New Atlas
  17. ^ Ben Coxworth (July 30, 2020), "New drone technology promises a 5-minute recharge", New Atlas
  18. ^ Leo Kelion (January 7, 2015), CES 2015: The charger that boosts battery in seconds, BBC News
  19. ^ Stephen Edelstein (January 8, 2015), "Israeli Firm Says It's A Year Away From Electric Car Battery That Charges In 3 Minutes", Motor Authority
  20. ^ a b Eliran Rubin (September 14, 2017), "מרצדס מובילה השקעה של 60 מיליון דולר בסטורדוט הישראלית", TheMarker
  21. ^ Ackerman, Gwen (June 11, 2019), "Electric Scooter Revs Up in Five Minutes with StoreDot Battery", Bloomberg, archived from the original on January 2, 2022
  22. ^ Ryan Browne (June 12, 2019), "StoreDot and BP Charge an Electric Scooter in just Five Minutes", CNBC
  23. ^ Eftekhari A (November 2019). "Lithium Batteries for Electric Vehicles: From Economy to Research Strategy". ACS Sustainable Chemistry & Engineering. 7 (6): 5602–5613. doi:10.1021/acssuschemeng.8b01494. S2CID 104468150.
  24. ^ a b John Timmer (January 23, 2021), What's the technology behind a five-minute charge battery?, Ars Technica, retrieved December 21, 2021
  25. ^ Maurizio Di Paolo Emilio (December 16, 2021), "Silicon-Based Anode for EV Batteries Ramps Up Energy Density By 25%", Power Electronics News
  26. ^ Vicky Parrott (May 21, 2023), "The revolutionary electric car battery technology that you've never heard of", The Telegraph
  27. ^ Klender, Joey (2022-09-07). "StoreDot begins shipping '100in5' battery cell prototype to EV makers". TESLARATI. Retrieved 2023-05-16.
  28. ^ Hazani, Golan (March 16, 2021), "Fast-charging battery startup StoreDot closing on $3.5 billion SPAC merger", Calcalist, retrieved March 18, 2021
  29. ^ Meir Orbach (April 19, 2022), "Volvo invests in fast-charging battery unicorn StoreDot", Calcalist
  30. ^ Butcher, Mike (2022-01-11). "Fast-charge EV battery maker StoreDot pulls in $80M led led by Vietnam's VinFast". TechCrunch. Retrieved 2023-06-19.
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