VinFast, the automotive manufacturing subsidiary of conglomerate Vingroup, is leading a series D round for Israel-based fast-charging battery technology developer StoreDot sized at up to $80m as it looks to go fully electric.
The round also features petroleum producer BP’s investment arm, BP Ventures, as well as Golden Energy Global Investment, a vehicle for Liu Jincheng, the founder of advanced battery manufacturer Eve Energy.
The company has so far secured $60m through the round, which values it at $1.5bn, according to Calcalist. JP Morgan is placement agent on the deal.
StoreDot has developed extremely fast charging batteries for use in electric vehicles (EVs) and will use the capital to complete the research and development process in addition to strengthening its R&D hub as it prepares to bring its technology into mass production in two years time.
Vinfast had formed a collaboration deal with StoreDot in August 2021 focusing on battery development, having already sealed similar deals with lithium battery cell producer ProLogium and lithium battery developer Gotion High-Tech earlier that year.
The round was disclosed on Tuesday and Vinfast announced yesterday it will halt production of combustion-powered vehicles by the end of 2022 and move completely into EVs. It also intends to expand into Europe and the United States this year and is looking to establish a battery manufacturing facility in the US by 2024.
VinFast’s deputy CEO, Pham Thuy Linh, said: “Enhancing customer experience is our top priority. We have been making dedicated efforts in research, connecting global intelligence by forming partnerships with and investing in breakthrough technology companies, especially in EV battery such as StoreDot and its extreme fast charging proprietary technology.
“StoreDot which is led by gifted scientists and experienced entrepreneurs, along with strong support from VinFast and other strategic investors, is believed to gear up for mass production globally in the very near term.”
The round is the latest of a series of corporate venturing investments by Vinfast in the past year. Its portfolio includes battery management system developer Eatron, autonomous driving technology developer Autobrains and cybersecurity software provider Karamba Security.
BP Ventures had initially invested $20m in the company in 2018 to increase its overall funding to $146m. Daimler Trucks, a subsidiary of carmaker Daimler, had led a $60m round the previous year that included Samsung Ventures – on behalf of electronics producer Samsung – and Norma Investments valuing it at $500m.
Photo courtesy of StoreDot Ltd.
