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.”
- Why EVs Are Catching Fire After Hurricane Ian ›
- This Beverly Hills Startup Just Raised Millions to Help Brands Mint NFTs ›
- Have a Look Inside Amazon's First 'Smart' Grocery Store ›