StoreDot raises $800K from Kazakhstani entrepreneurs

Israeli startup StoreDot, which develops fast-charging devices for electric vehicles, is receiving $800K in investment from Kazakhstani entrepreneurs, the investment company Raison reported.

StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung and TDK, along with the company's manufacturing partner EVE Energy. The Kazakhstani investors came in at a later stage, in the Series D round, the company told Forbes Kazakhstan. An early-stage investor in the startup was Kazakhstani entrepreneur Kenes Rakishev (No. 19 in the ranking of Kazakhstan's 75 richest businesspeople; in 2024, Forbes Kazakhstan estimated his net worth at $435 million).

"StoreDot is developing ultra-fast charging solutions for lithium-ion batteries that can charge to 80% in five minutes, which makes the company's products highly attractive to the electric vehicle market and to end consumers," the statement said. "StoreDot's technologies could significantly accelerate the transition to electric vehicles by reducing one of the main barriers — long charging times. Kazakhstani investors see this as an opportunity for significant growth and market expansion."

In May 2024, StoreDot's technology was successfully demonstrated for the first time outside the lab, on a Polestar 5 electric vehicle prototype. The car was fitted with an experimental StoreDot traction battery featuring extreme fast-charging technology. During the test, the traction battery was charged from 10% to 80% in 10 minutes, Raison's press office said.

Source: Forbes.kz