Economy

Daimler invests in fast-charging electric battery firm StoreDot

Daimler invests in fast-charging electric battery firm StoreDot”

The funding round also includes Lucion venture capital and financial institutions from Israel and China, as well as existing investors such as Samsung Ventures and Norma Investments, representing Russian businessman Roman Abramovich.

Daimler AG's truck division is investing in Israeli battery-technology startup StoreDot Ltd., tapping into a supplier that seeks to enable electric vehicles to recharge as quickly as combustion-powered models can refuel.

The company will use the funds to continue to develop and commercialize its technology. But there's still the issue of slow battery charging times that needs to be overcome if users are going to abandon gas.

Beyond the investment, Daimler and StoreDot have agreed to a strategic partnership that focuses on the field of fast battery charging.

Daimler, parent company of Mercedes-Benz (and others) is pushing to get the majority of its vehicles to run on electricity.

"You can solve the problem of range anxiety with the psychology of five-minute charging", StoreDot co-founder and Chief Executive Officer Doron Myersdorf said in an interview.



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