Company:StoreDot

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Short description: Israeli fast charging battery developer
StoreDot Ltd.
Industryautomotive, electric batteries[1]
Founded2012; 12 years ago (2012)
FoundersDoron Myersdorf, Simon Litsyn, and Gil Rosenman
Headquarters
Herzliya
,
Israel
Key people
  • Doron Myersdorf (CEO)
  • Carl-Peter Forster (chairman)[2]
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, Volvo[3][better source needed]
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 charges 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.

The company, as of 2022, is developing a silicon-based electric vehicle battery which it aims to commercially mass-produce in 2024.

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.[4][5] The displays and storage devices are based on "peptide nanocrystals", and a prototype storage device was made in 2012 that is "three times faster than conventional memory."[6] 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,[7] and were to be commercialized by 2016.[8][9] By 2019 the display technology was spun off into its own company, MolecuLED. As of 2022, MolecuLED has no employees.[1]

Organic batteries

StoreDot reported in 2014 to have developed organic-compound peptide-based smartphone batteries capable of being fully charged within 30 seconds.[1][10] The company raised over 6 million dollars in an initial investment round, and by the end of 2014 had raised another 42 million dollars.[6] The company said its 30-second-charging organic-compound-based battery would be commercially available for smartphones by 2016,[1][8][9] and for electric vehicles[11] and aerial drones[12] by 2020.

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. It raised another 62 million dollars by the end of 2017, expecting "millions of cars" to be equipped with its electric vehicle battery by 2020.[13][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.[14][15]

Silicon batteries

The company started developing 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.[16] 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. In March 2022 the CEO said a battery capable of adding 100 miles of range in 5 minutes of charging would be available in 2024.[1]

Peer review

The company acknowledged in 2015 that its scientific claims have not been peer-reviewed.[17][18] A 2019 peer-reviewed study concluded that the company's claimed capabilities have no basis in published, peer-reviewed literature, and listed its unreleased products.[19] Science journalist John Timmer could not identify in 2021 any published research about the company's battery technology.[16]

Valuation

The company was in negotiations in March 2021 for a SPAC merger at a $3.5 billion valuation.[20] A further funding round of 70 million dollars in 2022 gave it a $1.5 billion valuation.[21]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Sagi Cohen (March 4, 2022), מה קרה לסטורדוט הישראלית, שהבטיחה לשנות את העולם, https://www.themarker.com/technation/.premium-MAGAZINE-1.10649523 
    Sagi Cohen (March 13, 2022), This Israeli Firm Promised to Reinvent the Battery. The World Is Still Waiting, https://www.haaretz.com/israel-news/tech-news/.premium-this-israeli-firm-promised-to-reinvent-the-battery-we-re-still-waiting-1.10671513 
  2. ↑ Charlie Martin (January 4, 2023) (in en), Storedot hires ex-Jaguar Land Rover boss as chairman, https://www.autocar.co.uk/car-news/business-corporate/storedot-hires-ex-jaguar-land-rover-boss-chairman, retrieved January 23, 2023 
  3. ↑ Hill, Joshua S. (2022-04-20). "Volvo Cars grabs stake in ultra-fast charging battery developer StoreDot" (in en-US). https://thedriven.io/2022/04/21/volvo-cars-grabs-stake-in-ultra-fast-charging-battery-developer-storedot/. 
  4. ↑ רועי גולדנברג (December 15, 2015), עשרת הסטארט-אפים המבטיחים של "גלובס" לשנת 2015, https://www.globes.co.il/news/article.aspx?did=1001074087 
  5. ↑ שמוליק שלח (June 25, 2013), מגמת אלקטרוניקה, https://www.globes.co.il/news/article.aspx?did=1000857112 
  6. ↑ 6.0 6.1 Inbal Orpaz (October 1, 2014), סטורדוט הישראלית גייסה 42 מ' ד' לפיתוח סוללה לסמארטפון שנטענת ב-30 שניות, https://www.themarker.com/technation/1.2448507 
  7. ↑ Uri Eliabayev (July 2, 2015), מהפכה במסכים: StoreDot הישראלית מציגה חסכון של 20% בצריכת חשמל ועלות הנמוכה ב-90%, https://www.gadgety.co.il/133357/%D7%9E%D7%94%D7%A4%D7%9B%D7%94-%D7%91%D7%9E%D7%A1%D7%9B%D7%99%D7%9D-storedot-%D7%94%D7%99%D7%A9%D7%A8%D7%90%D7%9C%D7%99%D7%AA-%D7%9E%D7%A6%D7%99%D7%92%D7%94-%D7%97%D7%A1%D7%9B%D7%95%D7%9F-%D7%A9/ 
  8. ↑ 8.0 8.1 Abigail Klein Leichman (July 20, 2015), StoreDot brings vivid color to your screen, for less, https://www.israel21c.org/vivid-color-coming-to-your-screen-for-less/ 
  9. ↑ 9.0 9.1 David Shamah (July 2, 2015), 5-minute phone charging nano-tech creates better display, too, https://www.timesofisrael.com/5-minute-phone-charging-nano-tech-creates-better-display-too/ 
  10. ↑ Marc Zaffagni (April 10, 2014) (in French), StoreDot: 30 secondes pour recharger la batterie d'un smartphone, https://www.futura-sciences.com/tech/actualites/technologie-storedot-30-secondes-recharger-batterie-smartphone-53246/, retrieved April 23, 2019 
  11. ↑ Scott Collie (May 15, 2017), StoreDot electric car battery can be filled in 5 minutes, https://newatlas.com/storedot-flashbattery-quick-charging/49515/ 
  12. ↑ Ben Coxworth (July 30, 2020), New drone technology promises a 5-minute recharge, https://newatlas.com/drones/storedot-flashbattery-five-minute-charging/ 
  13. ↑ Eliran Rubin (September 14, 2017), מרצדס מובילה השקעה של 60 מיליון דולר בסטורדוט הישראלית, https://www.themarker.com/technation/1.4444117 
  14. ↑ Ackerman, Gwen (June 11, 2019), Electric Scooter Revs Up in Five Minutes with StoreDot Battery, https://www.bloomberg.com/news/articles/2019-06-11/electric-scooter-revs-up-in-five-minutes-with-storedot-battery 
  15. ↑ Ryan Browne (June 12, 2019), StoreDot and BP Charge an Electric Scooter in just Five Minutes, https://www.cnbc.com/2019/06/12/storedot-and-bp-charge-an-electric-scooter-in-just-five-minutes.html 
  16. ↑ 16.0 16.1 John Timmer (January 23, 2021), What's the technology behind a five-minute charge battery?, Ars Technica, https://arstechnica.com/science/2021/01/whats-the-technology-behind-a-five-minute-charge-battery/, retrieved December 21, 2021 
  17. ↑ Leo Kelion (January 7, 2015), CES 2015: The charger that boosts battery in seconds, BBC News, https://www.bbc.com/news/technology-30708945 
  18. ↑ Stephen Edelstein (January 8, 2015), Israeli Firm Says It's A Year Away From Electric Car Battery That Charges In 3 Minutes, https://autos.yahoo.com/news/israeli-firm-says-away-electric-car-battery-charges-172007716.html 
  19. ↑ "Lithium Batteries for Electric Vehicles: From Economy to Research Strategy". ACS Sustainable Chemistry & Engineering 7 (6): 5602–5613. November 2019. doi:10.1021/acssuschemeng.8b01494. 
  20. ↑ Hazani, Golan (March 16, 2021), Fast-charging battery startup StoreDot closing on $3.5 billion SPAC merger, https://www.calcalistech.com/ctech/articles/0,7340,L-3899283,00.html, retrieved March 18, 2021 
  21. ↑ Meir Orbach (April 19, 2022), Volvo invests in fast-charging battery unicorn StoreDot, https://www.calcalistech.com/ctechnews/article/ryeqmw2e9 




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