According to the Forbes online report, the Tesla Quick Charger can charge its electric vehicle battery for 170 miles (about 274 kilometers) at 30 minutes. If the Israeli start-up company StoreDot achieves its goal, electric vehicles can travel hundreds of miles after only five minutes of charging.
(Figure I: Fast battery developed by Israeli startup company StoreDot)
The three-year start-up company, StoreDot, stated on Wednesday that South Korea's investment giant Samsung Electronics and Russian investor Roman Abramovich have invested $18 million in it. As of today, StoreDot has collected a total of US$66 million and plans to use the latest financing for the development of its fast-charging battery for electric vehicles.
Many companies are trying different ways to improve the performance of batteries for electric vehicles. For example, Tesla and Panasonic focus on manufacturing lower-cost batteries that can save more power on a single charge. In addition, other companies have established electric vehicle charging stations in shopping centers and company parking lots so that drivers can charge them when they need it.
The battery is the most expensive part of an electric vehicle. According to current technology, the battery can last up to 265 miles (426 kilometers) when fully charged. If you use a standard charger, the most advanced battery will take a few hours to fill. If you use a DC charger (a much more expensive and quick charger), these batteries still need more than 30 minutes to fill.
The current limited adoption of electric vehicles is partly due to the anxiety caused by their slow and cumbersome charging methods. In the United States, of the 16.5 million new cars sold last year, only 118,000 were electric vehicles.
StoreDot, established in 2012, is using a unique approach to solving battery problems. It is developing a new lithium battery that is said to be fully charged in minutes. In theory, this technology can make an electric car full of electricity and car refueling time.
The company and its team of scientists used nanotechnology and new organic materials to make batteries that charge and discharge faster than standard lithium batteries.
(Figure 2: The StoreDot team has 50 people, of whom 20 have a doctorate)
Today, StoreDot is working with several large mobile phone manufacturers to try out their batteries on mobile phones. Doron Myersdorf, CEO of the start-up company, said that he expects to sign commercial cooperation with a mobile phone manufacturer within a few quarters and apply the battery to consumer phones within next year.
(Figure 3: StoreDot batteries that have been used on consumer handsets and are expected to be used on electric vehicles in the future)
However, it may take longer to develop electric vehicles. Even if all goes well, StoreDot's batteries are unlikely to complete the commercialization of their electric vehicle applications for at least five years. In addition, the variables that can occur during this period are also very large. The migration of battery technology from the laboratory to the commercial market is a very difficult task, and it is not clear at this time whether vehicle manufacturers will be interested in StoreDot products.
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