Israel-based nanotechnology materials developer StoreDot received $60m in funding on Thursday in a round led by Daimler Trucks, the commercial vehicles manufacturing subsidiary of automotive corporation Daimler.
The investment was disclosed by Daimler in a press release but its size was revealed by TechCrunch, which also reported a $500m valuation and named Samsung Ventures, a subsidiary of electronics producer Samsung, and investment fund Norma Investments as participants.
Founded in 2012, StoreDot is working on nanotechnology materials that can store electricity without overheating when charged quickly. The company’s lead product, FlashBattery, has applications in sectors such as electric vehicles and smartphones.
FlashBattery vehicle batteries are expected to be fully chargeable in the space of a few minutes – no longer than it would take to fill up a tank of petrol – and to boast a lengthy driving range. Daimler will assist with accelerated adoption efforts of the technology.
Daimler and StoreDot may seek to launch other joint projects, though they will be a matter for future discussions. StoreDot previously closed a $18m series C round that featured Samsung Ventures, Norma Investments and VC fund Singulariteam in 2015.
Millhouse, which like Norma iss an investment vehicle for entrepreneur Roman Abramovich, contributed to StoreDot’s $42m series B round in 2014 alongside unnamed strategic investors.
Energy security technology producer Nation-E, Genesis Angels and Stef Wertheimer took part in the company’s $6m series A round in 2013.
Doron Myersdorf, co-founder and CEO of StoreDot, said: “Having Daimler, a world leader in the automotive field, as a strategic partner is of significant value to StoreDot. It will accelerate the completion of our development process and the introduction of FlashBattery to the market.
“Together with Daimler teams, we create synergies that optimise the characteristics of our innovative solutions with the requirements of the electric vehicles of the future.”