The prototype technology was revealed last April and it raised $48 million before the new announcement today.
The technology start up StoreDot has already raised $18 million. The amount was raised to further aid in making instant charging batteries. The batteries will be compatible with electric cars only.
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Previously StoreDot made ultra-fast charging batteries using bio-organic technology. Now StoreDot wants to make batteries for electrical vehicles.
The prototype of the electric vehicle batteries was first unveiled last April. The prototype went on to raise a whopping $48 million, according to VB. Before that StoreDot earned $42 million in funds the year before.
The tech start-up has had no deficiency of investors for their plans. Investors have been handing them millions in the bid to come up with a battery for electric cars.
But the funding has mostly been directed at refining the technology. The technology is supposedly able to recharge batteries within 60 seconds. The mass production of its technology in the form of a product is a long reach.
StoreDot wants to keep the rising electric car industry on its radar. So the shift towards charging the electric cars. StoreDot aims to make the first ever instant charging battery.
The technology if successful claims to recharge cars within 5 minutes. Currently electric cars take about 2 to 5 hours to charge.
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The funding will also be used towards a new charging station and fast-charging standards. The battery industry is looking at a rise since the electric cars are about to enter the market in a short span.