StoreDot, a Tel-Aviv, Israel-based battery startup, raised $60m in a third round of funding.
The round was led by Daimler’s Trucks division with participation from existing investors Samsung Ventures and Roman Abramovich. In conjunction with the funding, a representative from Daimler will be appointed to StoreDot’s Board of Directors.
The company will use the funds to continue to develop and commercialize its technology.
Founded in 2012 by Dr. Doron Myersdorf, CEO, StoreDot is a nanotechnology materials developer whose FlashBattery technology enables the quick charging of electric vehicles. Designed to replace known technologies with enhanced chemical, electrical, and optical properties, the company’s proprietary technology can be optimized for multiple industries, including fast-charging batteries in mobile devices, electric vehicles and for next-generation LCD displays.
Beyond the investment, Daimler and StoreDot have agreed to a strategic partnership that focuses on the field of fast battery charging.