Daily Management Review

With Multi-Million Dollar Investment In StoreDot, Mercedes Owner Daimler Drives Electric Truck Push


With Multi-Million Dollar Investment In StoreDot, Mercedes Owner Daimler Drives Electric Truck Push
An Israeli start-up, whose battery technology can charge electric vehicles in a matter of minutes, has saw investments to the tune of millions from Mercedes-Benz owner Daimler.
The trucking arm of the German automotive giant would partner with the firm to adopt its FlashBattery technology and had led a $60 million funding round, Tel-Aviv-based StoreDot announced on Thursday.
Smartphones and electric are able to be charged in just five minutes by these lithium-ion batteries, the company claims. Nanomaterials (substances made up of tiny particles) and organic (carbon-based) compounds power its batteries.
"StoreDot's solution combines proprietary organic compounds and nanomaterials that are developed in our labs," StoreDot's chief executive Doron Myersdorf said, ahead of the announcement.
"We focus on fast charging technology as opposed to the rest of industry which is focused on energy density."
The business claims after a full charge, the batteries can allow an electric vehicle to travel for more than 300 miles and are eco-friendly.
According to StoreDot, also participating in the funding round were Samsung Ventures, Norma Investments, Lucion Venture Capital, and a handful of other Israeli and Chinese financial institutions.
Announcement that Tesl’s, the premium electric vehicle manufacturer's semi truck will be unveiled in October was recently made by CEO Elon Musk and Daimler's latest investment follows that announcement.
When it comes to producing lithium-ion batteries for electric cars, Tesla is currently one of the biggest market players. But StoreDot was not trying to compete with Tesla, ots CEP said. 
"StoreDot focuses on developing next-generation Li-ion (lithium-ion) batteries. We do not compete with Tesla. We are very synergetic to Tesla in the sense that the major problem for the driver is the charging speed," Myersdorf said.
"We totally share Elon's vision and with our fast charging technology we enhance the ability of car companies to offer exceptional driver experience."
Named OneGiga and similar to Musk's Gigafactory, StoreDot would be setting up its own battery storage project, Myersdorf added.
He said: "The goal is to be able to ramp quickly new technologies and bring them to mass production as fast as possible. This OneGiga facility would enable us to be at the forefront of the fast charging technology in future generations as well."
Progression towards an electric truck fleet was a "top priority" for the motoring giant, said Martin Daum, the Daimler board member responsible for the firm's truck and bus business.
"Electrification of trucks is of top priority at Daimler," Daum said in a press statement on Thursday.
earlier this year, production of an electric light-duty truck called the Fuso eCanter has already been started by Daimler. The firm's strive towards producing electric vehicles for "everyday use" in the market was proved by this, Daum said.
"Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging," he added.