- StoreDot is partnering with VinES to develop XFC battery cells and plan for commercialisation
- Agreement will focus on the development of several XFC types of cell form-factors, expected to be adopted on VinFast vehicles starting from 2025
HERZLIYA, Israel, April 21, 2023 /PRNewswire/ -- StoreDot, the pioneer of extreme fast charging high energy battery solution for electric vehicles, has concluded a joint development agreement with VinES, a transformative energy solution provider and a member company of Vingroup, the largest private conglomerate in Vietnam. The agreement follows the already announced strategic investment of VinFast into StoreDot (Series D, January 2022); marking a new milestone in the cell technology development between both companies and helping them to promote advanced battery technology and prepare to introduce XFC battery solutions for the green mobility market, including VinFast's smart electric vehicles.
The agreement will see both companies embark on a collaboration to jointly research, develop and offer extreme fast charge (XFC) battery cells in different form-factors, in preparation for XFC battery mass production and supply. StoreDot will license and share its proprietary XFC technology whereas VinES will provide and contribute its know-how and experience with multiple form factor development, manufacturing, validation and global supply chain network.
The first generation of this XFC battery cell is expected to be commercially available in 2025 and immediately adopted by VinFast vehicles.
Dr. Doron Myersdorf, StoreDot CEO said: "We're delighted to be partnering with VinES and further cementing our long-standing relationships with Vingroup and VinFast. This venture is an important one for us as we look to build more partnerships with companies at every level of the EV battery ecosystem such as Vingroup. I'm confident that the combination of our XFC cell chemistry and VinES's complimentary form-factor development, manufacturing, evaluation, certification, and supply chain capabilities will deliver world-class market leading EV batteries that will raise the bar further for the industry."
Talking about the partnership, Ms Pham Thuy Linh, CEO of VinES said: "The partnership with StoreDot reflects VinES' s complimentary strategies by combining global innovative technologies with those in-house in our state-of-the-art production of electric vehicle batteries in Vietnam. With the XFC technology, we believe it will offer improved customers' experience, provide cost savings and remove charging time anxiety entirely. With StoreDot's team of talented scientists and experienced experts, combined with our know-how in multiple form-factor development, real production experiences, we are excited to work towards a near-future commercialisation of the XFC technology and contribute to the acceleration of the EV revolution globally."
Last year, StoreDot revealed its '100inX' strategic technology roadmap. This featured 100in5, 100in3 and 100in2 of miles (or 160 km) per minute of charging - three generations of StoreDot technologies of silicon-dominant XFC, semi solid state and post-lithium architecture. The roadmap reaffirms that the timings for these will be delivered over the coming decade with 100in5 by 2024, 100in3 by 2028 and 100in2 by 2032.
StoreDot has a long-standing relationship with conglomerate Vingroup. In January last year leading Vietnamese electric car manufacturer VinFast (a Vingroup company) was the lead investor in StoreDot's Series D funding round of up to $80 million USD.
About StoreDot
StoreDot is the pioneer and leader of extreme fast charging (XFC) electric vehicle batteries that overcome the critical barriers to mainstream EV adoption - range and charging anxiety. The company has revolutionized the conventional Li-ion battery by designing and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, making it possible to charge an EV in under ten minutes - the same experience as refuelling a conventional combustion engine car.
Through its '100inX' product roadmap, StoreDot's battery technology is delivering 'Range on DemandTM': 100 miles charged in 5 minutes in 2024, 100 miles charged in 3 minutes by 2028, and extreme energy density solution enabling 100 miles to be charged in 2 minutes by 2032. StoreDot's strategic investors and partners include Daimler, BP, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy. In 2022, the company achieved a world first by demonstrating a live extreme fast charging of an EV battery cell in 10 minutes. StoreDot is on target for mass production readiness of 100in5 technology by 2024.
About VinES
VinES Energy Solutions, a member of Vingroup, specializes in researching, developing, and manufacturing advanced lithium ion batteries for mobility and energy storage applications. Its battery cell, module and pack R&D and manufacturing capabilities ensure the delivery of advanced battery that meet the safety and quality standards required for EV/ESS and other energy application applications. In addition, VinES has established partnerships with some of the world's leading battery technology companies to provide full coverage as a transformative energy solution provider. For more information, visit https://vines.net.vn/.
About VinFast
VinFast - a member of Vingroup - envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.com.
About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region and currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en.
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