Ola-Backed StoreDot Teams Up With EVE Energy For Mass Production Of Extra Fast-Charging Cells

Israel-based battery technology company StoreDot has extended its partnership with China-based battery manufacturing company EVE Energy. The collaboration grants StoreDot access to EVE’s manufacturing capabilities, which will enable mass production of its extreme fast-charging (XFC) battery cells. StoreDot aims to utilise EVE's manufacturing capacity to produce its XFC batteries and will also license its technology to EVE while pursuing similar agreements with other parties globally.

The partnership aims to leverage EVE's production lines to manufacture StoreDot's cells, catering directly to the company’s portfolio of global electric vehicle manufacturers. However, the timeline for the implementation of this collaboration has not been disclosed by the company.

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EVE Energy initiated its collaboration with StoreDot in 2017 and made a significant investment in the company in 2021. It has since become one of the top 10 suppliers of cells for electric vehicles, with a strong presence in China and plans for expansion in Asia, Europe, and North America.

In 2022, India's Ola Electric invested in StoreDot. This investment gave Ola Electric access to the company's XFC battery technology. The company is expanding its partnerships with automotive manufacturers and manufacturing partners to enhance its global manufacturing capacity. Through its '100inX' product roadmap, StoreDot aims to achieve a milestone in battery charging speed, with plans to deliver cells that can provide 100 miles of range with a 5-minute charge in the current year, a 4-minute charge by 2026, and a 3-minute charge by 2028.

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In addition to its collaboration with EVE Energy, StoreDot has also partnered with Volvo Cars. This multi-year partnership focuses on developing batteries tailored for Volvo's next-generation vehicles.