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StoreDot signs strategic manufacturing agreement with EVE energy, taking a huge step towards commercialization and mass production of extreme fast charging batteries

StoreDot, the pioneer and world leader in extreme fast charging (XFC) battery technology for electric vehicles, announced a significant step forward on the path to commercialization and mass production with its collaborative partnership with EVE Energy.

 

The agreement, signed today, gives StoreDot access to EVE’s extensive manufacturing footprint and the ability to mass produce its game-changing 100in5 extreme fast charging battery cells. StoreDot will secure manufacturing capacity from EVE to produce its XFC batteries. The company will also license its technology to EVE and continue to pursue licensing agreements with other third parties, in conjunction with creating its own global captive capacity.

 

The deal will facilitate StoreDot’s cells being produced from EVE’s highly advanced production lines in the future, to be delivered directly to the company’s customer portfolio of global electric vehicle manufacturers.

 

Amir Tirosh, COO StoreDot “This newly minted agreement with EVE Energy is a pivotal inflexion point for StoreDot. We now have the agreement for captive capacity, and it gives us the ability to implement our ambition for mass production of our extreme fast charging cell technologies. This will allow us to serve our customers who do not have their own manufacturing capability.

 

“I’m also pleased as this agreement fully cements our strong alliance with EVE Energy. We are already utilizing its world-beating manufacturing expertise in our R&D efforts. But this takes our collaboration to a new era, an era of StoreDot’s commercialization.”

 

Alexander Holden, Senior Vice President EVE Energy “We are delighted to announce this new chapter in EVE Energy’s relationship with StoreDot. Mass production of its extreme fast charging battery cells is the next step in the company’s hugely impressive trajectory, and we are delighted to utilize our global manufacturing expertise to help facilitate this. This is a highly significant partnership, and we are excited to be able to help deliver StoreDot’s proven XFC technology to leading electric vehicle manufacturers.”

 

StoreDot is a world leader in silicon-dominant chemistries that are essential for electric vehicles to be able to charge at extremely high speeds. The company will continue to enhance its partnerships with other automotive manufacturers and manufacturing partners, to scale up its global manufacturing footprint and capacity to support global car makers.

 

Through its ‘100inX’ product roadmap, StoreDot’s remains on track with production-readiness of XFC cells that can deliver 100 miles charged in 5 minutes this year, 100 miles charged in 4 minutes in 2026 and 100 miles charged in 3 minutes by 2028.

 

EVE Energy began its relationship with StoreDot in 2017 and announced a significant EVE affiliated investment in the business in 2021. It is now firmly established as one of the world’s leading battery manufacturers and is in the top 10 suppliers of cells for electric vehicles, with close ties to many leading automotive manufacturers. Its global footprint extends to ten sites in China, with facilities under construction or in planning elsewhere in Asia, Europe, and North America.

 

About StoreDot

 

StoreDot is the pioneer and world 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 innovating and synthesizing proprietary organic and inorganic compounds, optimized by Artificial Intelligence algorithms, enabling the charging of an EV in under 10 minutes – the same experience as refueling a conventional combustion engine car.

 

Through its ‘100inX’ product roadmap, StoreDot’s battery technology is delivering ‘Range on Demand™’: 100 miles charged in 5 minutes in 2024, 100 miles charged in 4 minutes in 2026, and 100 miles charged in 3 minutes by 2028. StoreDot’s strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy.

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