StoreDot partners with VinES to develop extreme fast charge (XFC) battery cells
Israel-based lithium-ion battery developer, StoreDot has signed an agreement with VinES (the largest private conglomerate in Vietnam and a member company of Vingroup) for the development of extreme fast charge (XFC) cells for electric vehicle batteries.
With this partnership, the two companies will jointly work on research, development, and offer extreme fast charge (XFC) battery cells in different form-factors, in preparation for XFC battery mass production and supply. StoreDot and VinES will introduce these advance battery solutions for the green mobility market, including VinFast's smart electric vehicles.
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, StoreDot announced in its official statement.
"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," said Doron Myersdorf, CEO, StoreDot.
"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."
The latest agreement follows the already announced strategic investment of VinFast into StoreDot which was announced in January 2022. VinFast was the lead investor in StoreDot's Series D funding round of up to USD $80 million.
"The partnership with StoreDot reflects VinES' 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," said Pham T Lhin, CEO of VinES
"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."
The first generation of XFC battery cells will be commercially available in 2025 and immediately adopted by VinFast vehicles.