StoreDot, the Israel-based extreme fast charging (XFC) battery technology developer, may bring manufacturing base for its innovative charger to South Korea through a joint venture with Korea’s battery majors.

According to Yozma Group, one of major shareholders of StoreDot, on Tuesday, the Israeli startup is engaged in discussions with Korean EV battery majors LG Energy Solution Ltd., Samsung SDI Co., and SK Innovation Co. to commercialize production of its superfast charging technology.

“Yozma chairman Yigal Erlich is confident Israel’s innovative startup and Korean manufacturing infrastructure would make the world’s best partnership,” Yozma Group Asia Head Lee Won-jae told the Maeil Business Newspaper.

Executives of StoreDot agree and are engaged in talks with Korean battery producers.

“The ultimate goal is to create a joint venture for production in Korea,” according to Lee.

StoreDot has revolutionized the conventional Lithium-ion battery, making it possible to fully charge an EV in just five minutes – the same time it takes to refuel a conventional combustion engine vehicle. In 2008, the company drew attention for its release of a video on full charging of a smartphone in just 30 seconds.

StoreDot founded by researchers at Tel Aviv University in Israel had focused on researching semiconductor nanomaterials and then expanded its research scope to include Li-ion batteries. The company dramatically improved the charging speed by replacing the solid graphite anode in a battery cell with metalloids to reduce resistance and increase conductivity.

In 2019, the company achieved a world first by demonstrating the live full charge of a two-wheeled EV in just five minutes and began commercial production of this battery in cooperation with China’s EVE Energy this year.

StoreDot has yet to receive technology verification from global battery companies as some question the company’s extreme fast charging technology. Collaboration with Korean battery makers can be a good option to address those concerns and enable mass production, according to sources.

If StoreDot and a Korean battery major agree on cooperation, the Israeli startup is expected to aim to build manufacturing infrastructure in Korea to roll out its XFC EV battery from 2024.

Of StoreDot’s strategic investors including BP, TDK, Yozma Group, Daimler, and Samsung Ventures, BP has made a large investment in StoreDot with the goal of transforming its existing gas stations into fast-charging infrastructure for EVs in the future.

Yozma Group Korea Co. Chairman Yigal Erlich is known to exercise considerable influence over StoreDot’s founders and advisory board members as he was involved in the discovery and growth of the venture when he served as senior science official with the Israeli administration. Due to his clout in the company, StoreDot finally chose Korea as its priority destination for partnership although manufacturers in China and Japan have increasingly demanded collaboration, according to sources.

China is eager to take the lead in the next-generation EV battery market through its large investment resources.

By Chun Beom-joo and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]