StoreDot, the developer and provider of extreme-fast charging (XFC) batteries, is best known for its lithium-ion battery installments that fit inside electric vehicles (EV) ever since it officially started as a company in 2012. The development of its XFC is based on the fast-charging component that can charge an electric vehicle in as little as ten minutes. At the same time, it can also partially charge up the conventional lithium-ion batteries at the standard charging rate. Aside from this knowledge, what more do you know about this one company that is doing its part to revolutionize the automotive industry? Here are twenty facts you may, or may not, know about StoreDot.
1. From Israel
Headquartered out of Herzliya, Israel, StoreDot has been in the industries of automotive, electric batteries, and clean energy since it was founded in 2012 by Doctor Doron Myersdorf, Professor Simon Litsyn, and Professor Gil Rosenman. The city is located in the northern part of the Tel Aviv District and is known for its entrepreneurial spirit. Although not a very large city with a population of approximately one hundred thousand citizens, it is a major hub for businesses to headquarter their operations from there. Herzliya got its name from Theodor Herzl, who is credited for bringing forth modern-day Zionism as the world knows it. The foundation of the city began in 1924, originally as a semi-cooperative farming community that saw a population heavy with immigrants and war veterans.
2. Doctor Doron Myersdorf
One of the founders of StoreDot is Dr. Doron Myersdorf, who is also the company’s chief executive officer (CEO). Previously, he held senior executive positions in R&D, business development, marketing, and operations. He was the head of marketing and business development with a SanDisk SSD division, which generated over $100 million USD in revenue. With a background in biotech, pharmaceutical, and semiconductor industries, Myersdorf earned his Ph.D. in industrial engineering and management. He also has a Master of Science degree and a bachelor’s degree from the Technion-Israel Institute of Technology. At one point, he also taught as a member of its faculty.
3. Professor Simon Litsyn
From Tel Aviv University, Professor Simon Litsyn teaches from the Department of Electrical Engineering-Systems and the Iby and Aladar Fleischman Faculty of Engineering since 1991. From 1999 until 2012, he was with SanDisk where he’s held the positions of chief scientist, and engineering fellow, which is considered the highest engineering title in the company. As of 2012, he became one of StoreDot’s co-founders, teaming up with Dr. Doron Myersdorf and fellow professor, Gil Rosenman. He was also StoreDot’s chief strategy officer (CSO) and director. In 2019, he became a consultant for Sparkion, an energy storage solution based on second-life batteries. Litsyn is a graduate of the USSR’s Leningrad Electrotechnical Institute (LETI) with a Ph.D. in electrical engineering. He also has a Master of Science degree, also in electrical engineering, which he obtained as a graduate from the USSR’s Perm Polytechnical Institute (PPI). Litsyn’s resume also features a long list of academic and professional awards, mainly from the Israeli nation, for the number of accomplishments and contributions he has made as far back as 1992.
4. Professor Gil Rosenman
Since 1990, Gil Rosenman has been teaching at Tel Aviv University as a full-time, faculty of engineering professor from its School of Engineering. He, along with Professor Simon Litsyn and Dr. Doron Myersdorf, founded StoreDot together and he has since served as its chief scientist. From 1964 until 1970, Gil Rosenman attended Ural State Technical University, which is located in Sverdlovsk, Russia. He graduated with a Doctor of Science degree. To the StoreDot table, Rosenman’s interest and experience of electron emissions, ferroelectric materials, nanotechnology, and an extensive background in biotechnology.
5. Most Disruptive Company
In 2013, StoreDot was recognized as the Most Disruptive Company in the World by Disrupt100. According to the Israel 21c source, City A.M. ranked StoreDot at number one on its list of one hundred most disruptive startups in the world. This is credited to the EV FlashBattery cells that are geared to charge up an EV in five minutes to provide 300 miles’ worth (480 kilometers) of driving distance.
6. Peer Reviews
In 2015, CEO Dr. Doron Myersdorf realized none of the scientific claims made by StoreDot had been properly peer-reviewed. Without it, the company’s claims of its production capabilities have no documented evidence of reviewed literature. Without it, the XFC batteries would not be able to be properly commercialized in the coming years. When the Ars Technica website was unable to identify any published material regarding StoreDot’s technology and noted StoreDot’s batteries left the realm of academic research. The sample batteries that were provided were made of germanium, which was suggested was being used for prototypes and samples. This highly expensive material was considerably easier to implement than silicon, which is planned for eventual commercialization as a means to rival silicon batteries. According to StoreDot’s claims, its XFC batteries deliver approximately one-third of the energy density compared to lithium batteries and were estimated to cost twice as much.
7. StoreDot Ownership
Due to the investments of BP, Daimler, Samsung, and TDK, these are the owners who each control the direction of StoreDot, alongside CEO, Dr. Doron Myersdorf. In 2017, Daimler and Samsung led the investment round in StoreDot at $62 million USD. In 2018, BP invested $20 million USD, and in 2019, StoreDot raised an additional $130 million USD from additional investors, which include TDK.
8. Ones to Watch
According to Bloomberg Businessweek’s December 2019 report, it featured Dr. Doron Myersdorf as the CEO to watch as he continues to make a name for himself and StoreDot. It was the first time in history a CEO from the nation of Israel was recognized by Bloomberg in its list of top fifty contenders on its Ones to Watch list.
9. BNEF Pioneer
In July 2020, StoreDot was also named by Bloomberg as a 2020 Business New Energy Finance (BNEF) Pioneer. This is an award that recognized companies who have become leaders in the transition to a low-carbon economy, thanks to the development of innovative renewable energy products, services, sources, and software solutions. For StoreDot, it became the first ultra-fast charging technology provider to win this award. It simply demonstrated the growing importance for the automotive industry to move forward to battery electric vehicles (BEVs). Thanks to the development of the new generation of lithium-ion batteries, demonstrations showed an electric vehicle can become fully regarded even faster than fueling up a combustion-run automobile. At just five minutes to recharge, this now serves as a game-changer about how some motorists feel about EV units.
10. Mobile Phone Battery
The prototype of a mobile phone battery that could be fully charged within a matter of thirty seconds was introduced by StoreDot in 2014. Four years later, the lithium-ion (Li-ion) battery cells that were the main feature in the prototype goes into mass production with the Eve Energy Co., which is based out of Huizhou City, China.
11. 5-Minute Li-ion Batteries
In 2019, and with the assistance of BP, StoreDot revs up an electric scooter in five minutes with its 168-cell lithium-ion battery at a Spanish business site as a global demonstration of how efficient its latest battery development is. BP is one of the major oil-based companies that have been supporting StoreDot as one of its key investors since 2018. The demonstration was used to show off what technology can do with this new generation of Li-ion batteries and how it can revolutionize the automotive industry as mankind knows it.
12. UFC FlashBattery
In 2020, StoreDot demonstrated its newly developed UFC FlashBattery as a power source that works in tandem with the UFC charging stations, allowing an EV device to charge eighteen times faster than the existing batteries currently used for drones. According to Dr. Doron Myersdorf’s testimony, the fully-autonomous drone operating continuously without the need for so much human intervention offers greater freedom for the devices to move about, especially during military operations.
13. XFC Batteries
Starting in 2021, StoreDot brought forth its XFC Li-ion Batteries, which is an engineering technology that can be fully regarded in a matter of ten minutes. These batteries are designed to go into automobiles, something which the production crew behind Eve Energy Co. has been manufacturing. Before the year is over, the first EV-battery prototype that can be charged in ten minutes is produced, which then saw samples of its A-Series XFC batteries shipped to leading car manufacturers, including Mercedes-Benz, which is owned by one of StoreDot’s lead investors, Daimler. This new silicon-dominant XFC cell system charges in ten minutes, retaining at least eighty percent of energy after 850 cycles with an energy density of 300 Wh/kg and 680 Wh/l.
14. Dr. David Lee and the USA
The start of 2022 saw Dr. David Lee assume the role of global chief science officer (CSO), who now answers directly to StoreDot’s CEO, Dr. Doron Myersdorf. As StoreDot continues to grow, so does its company roster. Now with an R&D hub located in the US, the plan is to increase the talent pool with a more direct link to North American soil as it is the company’s intent to put the electric vehicle production to new heights of awareness that will further encourage more motorists to switch to EV units.
15. Mercedes’ VIsion EQXX
With Daimler as one of the key investors of StoreDot, it stands to reason Mercedes-Benz would become the first recipient to benefit from the new generation of lithium-ion electric batteries. According to Automotive News Europe, Mercedes-Benz has the prototype vehicle, Vision EQXX, in hopes to put an end to the EV range anxiety. Promising to travel 641 miles per hour (1,000 kilometers per hour) on a single charge This concept car is designed to compete against the likes of Tesla.
It was reported in March 2021 that StoreDot was in the midst of a $3.5 billion USD negotiation to merge with a special purpose acquisition company (SPAC). As of October 2021, an R&D innovation hub was set up in the state of California. SPAC is also known as a blank check company, which is technically a shell corporation that’s listed on the stock exchange with the intent of acquiring a private company, then making it public without the traditional public offering process. SPAC’s purpose is to pool together funds as a means to finance acquisition opportunities, or mergers, within a specified timeframe. Normally, the opportunity is still in the process of official identification. Because SPACs are registered with the U.S. Securities and Exchange Commission (SEC) and are a publicly-traded entity, the general public may exercise the right to purchase shares before the official acquisition or merger takes place. This is also referred to as a poor man’s private equity funds program.
Vingroup’s VinFast led the $80 million USD Series D funding round that has since included Vietnam’s largest private corporation into the equation of StoreDot’s investors that now adds them to the roster of investors to provide the capital needed for StoreDot to complete its scale-up of extreme fast charging (XFC) battery cells. The goal is to go into R&D and mass production by 2024. VinFast is a branch from its parent company, Vingroup, serving as one of the revolutionary pioneers behind the global smart electric vehicle movement. It was established in 2017 and owns an automotive manufacturing complex operating in Hai Phong, Vietnam. As of July 2021, VinFast began expanding into the markets of Europe and North America. As for Vingroup, this company began in 1993 and has a capital value of $35 billion USD, all of which is focused on industry, services, and technology. So far, VinFast has introduced two electric car models at the 2021 auto show in Los Angeles, using the patented XFC lithium-ion batteries, and plan to go into mass production by 2024.
18. Testing Samples
Currently, StoreDot has been shipping cell samples to a series of leading automotive manufacturers for real-world testing. The race is on among companies like StoreDot, as well as makers of automobiles, to bring forth as many quality electrical vehicle units as possible, along with methods to win over a fickle consumer market.
19. Organic FlashBattery
According to Electrek, the XFC FlashBattery is environmentally safer than a lithium-ion battery, utilizing organic compounds and a water-based manufacturing process. StoreDot credits the core technology of these batteries to chemically synthesized organic molecules that come from non-biological origins, in which the molecules distribute tunable optical and electrochemical properties. This allows for enhanced performance of the batteries as energy storage devices.
20. Self-Healing Batteries
StoreDot came up with a technology that allows batteries to heal themselves, thanks to a software program that has algorithms that respond to its corresponding hardware. This allows the battery cells to regenerate while still in use as a means to avoid overheating and performance issues. Because of this, drivers of EV units will observe the improved driving ranges and better battery life. This also improves safety issues, not to mention lower fuel emissions as the big push to go full electric continues to gain momentum.