Daimler, Samsung Invest in Next-Gen Battery Company

StoreDot Ltd.—an Israeli startup that is developing a next-generation battery that can be recharged to a 300-mile driving range within five minutes—has raised $60 million in funding.

Daimler AG’s Mercedes truck unit led the investment group, which includes Russian billionaire Roman Abramovitch and several Chinese and Israeli banks. Existing investor Samsung Electronics Co. also contributed to the new funding round.

Tel Aviv-based StoreDot plans to use the money to further develop its FlashBattery technology, which combines current lithium-ion systems with proprietary organic compounds. The company also is adapting the batteries for quick-charging cell phones and other consumer electronic devices.    

The accelerated charging time is attributed to a reaction between the organic polymers in the battery electrode and inorganic metal-oxide compounds in the cathode, which StoreDot says enables ions to flow much faster to the cathode from the anode. The FlashBattery architecture also uses a proprietary separator and electrolyte to enhance energy density and battery life, while reducing volatility.

The new batteries can be produced using existing equipment and processing methods, according to StoreDot. The company expects the batteries to cost about the same as current lithium-ion units.