Mercedes-Benz owner Daimler has invested millions in an Israeli start-up whose battery technology can charge electric vehicles in a matter of minutes.
Tel-Aviv-based StoreDot announced Thursday that the trucking arm of the German automotive giant had led a $60 million funding round, and would partner with the firm to adopt its FlashBattery technology.
The company claims these lithium-ion batteries are able to charge smartphones and electric vehicles in just five minutes. Its batteries are powered by organic (carbon-based) compounds and nanomaterials (substances made up of tiny particles).
"StoreDot's solution combines proprietary organic compounds and nanomaterials that are developed in our labs," StoreDot's chief executive Doron Myersdorf told CNBC via email Wednesday, ahead of the announcement.
"We focus on fast charging technology as opposed to the rest of industry which is focused on energy density."
The business claims the batteries are eco-friendly, and can allow an electric vehicle to travel for more than 300 miles after a full charge.