Israeli Battery Company Storedot Opens R&D Facility in Irvine

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Israeli Battery Company Storedot Opens R&D Facility in Irvine
StoreDot

StoreDot, an Israeli company specializing in high performance lithium ion and solid state batteries, announced today that it has opened a research and development facility in Irvine, CA. The expansion aims to make the company attractive to the region’s strong academic talent pool and establish a US presence that may catch the attention of automakers in search of battery options for the future.


StoreDot specializes in extremely fast-charging battery architecture and plans to deliver a battery cell that adds 100 miles of range in just five minutes of charging time by 2024. As early as 2032, the company wants to have true solid state batteries that can deliver 100 miles of range in just two minutes of charging. Achieving these ambitious goals, StoreDot CEO Doron Myersdor says, will require the company to tap into the region’s rich academic talent pool, especially that of UC Davis.

The news comes at a time when Southern California is quickly becoming a hotspot for battery startups. Myersdor attributes this not only to the talent pool, but also the region’s lower cost (compared to the Bay Area) and investments from the state and local governments.

Though the company remains tight-lipped about exactly which automakers they’re hoping to supply with their batteries, Myersdor was quick to highlight Vinfast as a key investor. As dot.LA reported recently, Vinfast’s first foray into the American EV scene has been underwhelming to say the least, largely due to the cars’ lackluster range and hefty price tag. If the company is going to succeed in the states, next generation battery tech like the kind StoreDot is developing could go a long way to righting the ship.

Myersdor credited the Biden Administration's Inflation Reduction Act as a catalyst for StoreDot’s expansion into the US. Under the original terms of the legislation, the $7,500 rebate towards EV purchases could only be applied to cars manufactured in North America starting this year. Additionally, at least 50% of the battery and 40% of its raw materials had to be produced in North America.

While these limits have been postponed as automakers attempt to sort out their supply chains, restrictions are coming eventually, and Myersdor hopes that StoreDot will be able to throw its hat in the coming years. “More and more technologies would need to come into the US in order to be able to deliver on these very aggressive targets,” he says. “We are thinking long term strategy.”

As for the facility in Irvine. Myersdor says it will be composed of researchers and technicians from Israel as well as new talent hired locally. “I think the [Inflation Reduction Act] from the Biden administration is actually very smart,” says Myersdor.. “Because batteries are the new oil, there will need to be a lot of focus to attract technology not coming from China into the US.”

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March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

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The Three Best Ways to Work With Your Startup Board

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

The Three Best Ways to Work With Your Startup Board

When launching and running a startup, your board of directors is one of your most valuable assets. If you already understand why you need a board and how to structure your board, it may be tempting to think you can cross that item off the list. But building a board is just the beginning. Now you’ve got to get down to business—together.

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This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M
This Week in ‘Raises’:

While it was a slow week of funding in Los Angeles, security vendor Saviynt managed to score $205 million that will be used to meet the company’s growing demand for its converged identity platform and accelerate innovation.

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