Energy Storage, Industrial, Finance  -  September 15, 2017

Daimler trucks invests in Israeli battery startup

Daimler AG's trucks division announced Sept. 14 that it has invested in battery company StoreDot Ltd. as part of the Israeli startup's most recent financing round. 

Complementing the investment, both partners have agreed to a strategic partnership that focuses on the field of fast battery charging and will look to accelerate adoption of StoreDot's FlashBattery technology to the electric vehicles market. According to a news release, a representative from Daimler will also be appointed to StoreDot's board of directors. 

In addition to Daimler, other funders in StoreDot's third round of financing, which yielded $60 million, include financial institutions in Israel and China alongside existing investors such as Samsung Ventures, Axios reported Sept. 14. 

The battery technology, Daimler said in a statement, is particularly interesting for commercial vehicles; better usage of braking energy increases the range and requires less frequent charging. This results, together with faster charging times, in higher vehicle usage. The possibility of further joint projects, even beyond Daimler's trucks division, is part of both companies' future discussions.

Martin Daum, member of Daimler's board of management with responsibility for Daimler Trucks and Buses said in a statement: "Electrification of trucks is of top priority at Daimler. Today's global launch in New York City of the FUSO eCanter, the world's first series-produced all-electric light-duty truck, provides impressive proof of our strive for bringing electric vehicles for everyday use to the market. Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging."

Share this valuable information with your colleagues using the buttons below: