StoreDot Announces New Agreement with EVE Energy

StoreDot announces a new framework agreement with its strategic battery manufacturing partner EVE Energy Co., Ltd (EVE). 

FREMONT, CA: StoreDot, the leader of extreme fast charging (XFC) battery technology for electric vehicles (EVs), has announced a new framework agreement with its strategic battery manufacturing partner EVE Energy Co., Ltd (EVE) to promote the commercialization of StoreDot's silicon-dominant anode XFC FlashBattery for EVs. The first samples will be available this year, with mass production through traditional lithium-ion battery manufacturing lines scheduled for 2024.

EVE, which is traded on the Shenzhen Stock Exchange, is one of China's leading suppliers of EV and electricity storage system (ESS) batteries. The unique framework agreement covers scale-up activities for StoreDots XFC technology and engineering samples to demonstrate the technology to EV clients. The framework agreement also addresses the purpose of forming a partnership for mass production.

The new agreement expands on a framework agreement signed in 2018 between StoreDot and EVE Energy to work collaboratively on a small form factor of StoreDot's XFC technology. This XFC battery was used in 2019 to display the world's first full live charge of a two-wheeled EV in less than 5 minutes. Another significant milestone was achieved in January 2021, when StoreDot announced the first engineering samples of the small form factor produced at EVE Energy's facility in China.

Dr. Doron Myersdorf, StoreDots CEO, comments, "Securing sufficient production capability is one of the biggest challenges facing any introduction of a new battery technology to market. However, from day one EVE Energy has shared our vision that XFC is fundamental to accelerate EV adoption and eventually achieve a full transition to electric mobility. EVEs expert technical knowledge has been instrumental in helping us to reach a number of important milestones including, most recently, the launch of the small form factor XFC samples produced on standard lithium-ion battery manufacturing lines. Importantly, this removed a major barrier to achieving full commercialization of XFC technology by eliminating the need to invest in costly bespoke manufacturing equipment for mass production."

Myersdorf continues, "Our silicon-dominant anode battery in large form factor represents the next crucial stage of our journey by bringing the charging speed, cost and range of XFC batteries in-line with the goals of the EV industry. These capabilities will be demonstrated later this year via our EV samples produced with EVE Energy."