StoreDot Ltd., an Israeli developer of Extreme Fast Charging (XFC) battery technology for electric vehicles, and Andretti Acquisition Corp. II have signed a definitive agreement to merge under a new holding company named XFC Battery. The combined entity will focus on commercializing StoreDot’s patented XFC batteries to address the primary obstacle to electric vehicle adoption—long charging times—by delivering 100 miles of range in just five minutes, with a roadmap to achieve that range in three minutes.
The merger positions the new company to capture significant share of the rapidly expanding EV battery market. StoreDot’s asset-light, licensing-based model enables existing lithium-ion manufacturers to integrate XFC cells without investing in new production lines. This “drop-in” approach is designed to accelerate mass-market deployment and reduce capital expenditures.
Dr. Doron Myersdorf, CEO of StoreDot, commented, “Partnering with Andretti II SPAC and its iconic team provides us with the ideal platform and resources to dramatically scale our production and commercialization efforts. Our mission is to eliminate range and charging anxiety, and we believe this transaction fuels our ability to deliver XFC to EV drivers globally. The strong momentum we have with leading OEMs, who are in the process of validating and integrating our cells, proves that the industry is ready for minutes-long charging. Together with the Andretti team, we are set to transform the EV landscape.”
Based on present cash levels held by Andretti Acquisition Corp. II and assuming no public shareholder redemptions, the pro forma enterprise value is expected to be approximately $882 million.
StoreDot has already engaged in development and validation programs with several leading global original equipment manufacturers, underscoring the readiness of its XFC technology for large-scale production using established battery manufacturing infrastructure.
Under the merger agreement, the new company’s shares are anticipated to be listed on the Nasdaq Stock Market, pending customary closing conditions and regulatory approvals.
The boards of both companies have unanimously approved the business combination, which is slated to close in the second quarter of 2026, subject to shareholder approvals and other standard requirements.
By integrating StoreDot’s XFC cells into mainstream manufacturing, XFC Battery aims to eliminate range and charging anxiety, providing electric vehicle drivers worldwide with charging speeds comparable to refueling a gasoline vehicle.
Source: GlobeNewswire
