Israeli startup StoreDot, a company developing fast-charging battery technologies, announced today $18 million USD of financing for its new electric vehicle (EV) business unit. The round follows a $42 million USD series B funding received last year, bringing the total funding to-date to $66 million USD.

Investors in this round include mostly existing investors such as Samsung Ventures and Norma Investments Limited, representing Russian businessman Roman Abramovich, and private investment fund Singulariteam.

The startup is applying its quantum dot-utilizing fast charging battery technology for electronics. “We work with organic compounds that are synthesized in our lab to dramatically reduce the resistance of the battery. Our technology is aiming to create a lithium battery with improved structure and materials”, said StoreDot’s CEO and founder Dr. Doron Myersdorf.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.