Daimler Trucks Backs StoreDot Fast-Charging Battery Startup
- German manufacturer led Israeli supplier’s $60 million funding
- Daimler is set to unveil production version of electric truck
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Daimler AG’s truck division is investing in Israeli battery-technology startup StoreDot Ltd., tapping into a supplier that seeks to enable electric vehicles to recharge as quickly as combustion-powered models can refuel.
Daimler Trucks led a $60 million funding round for StoreDot that also included Israeli and Chinese banks and existing investor Samsung Ventures, the companies said in a statement Thursday, as the German manufacturer prepared to present a new electric model. Tel Aviv-based StoreDot earlier this year introduced a battery prototype capable of reaching a full charge in five minutes for a vehicle driving distance of at least 300 miles (480 kilometers).