StoreDot, an Israeli company specializing in ultra-fast charging battery technology, has announced plans to establish South Korea as its global battery production base, committing significant investments to the region. This strategic move comes amid the ongoing U.S.-China trade tensions, positioning South Korea as a key hub for international business expansion.
On February 18, StoreDot disclosed its collaboration with JR Energy Solution, a South Korean battery technology firm, to create a joint venture focused on mass-producing ultra-fast charging batteries. The partnership will combine JR Energy Solution’s production capabilities with StoreDot’s advancements in ultra-fast charging technology, employing a consignment production model similar to that used in the semiconductor industry.
The joint venture aims to produce 1.5GWh of batteries in the current year, with plans to increase production to 4GWh by 2027. The facility will not only serve the electric vehicle market but also cater to demands from other sectors such as drones and humanoid robots. If global demand rises, production could expand to 10GWh, sufficient to support approximately 130,000 high-performance electric vehicles. Establishing a 10GWh production facility using standard lithium-ion technology is estimated to require an investment of at least KRW 1 trillion.
Doron Myersdorf, CEO of StoreDot, stated, “We plan to build Korea as a global super-fast charging battery production hub,” said StoreDot CEO Doron Myersdorf. “It is a strategic investment decision to accelerate the commercialization of super-fast charging batteries in various industries such as electric vehicles, drones, robots, and defense and defense industries.”
Myersdorf is scheduled to be a keynote speaker at the upcoming ‘Interbattery 2025’ event in Korea, where he will discuss the investment strategy and the joint venture announcement.
Previously, StoreDot had partnered with China’s EVE Energy, the fourth-largest battery producer in China, for mass production. However, due to escalating U.S.-China trade tensions, StoreDot redirected its production to meet domestic Chinese demand, prompting the shift to South Korea to access global markets.
Founded in 2012 by a researcher from Tel Aviv University, StoreDot is recognized for its Extreme Fast Charge (XFC) technology, which enables a vehicle to travel 100 miles on a five-minute charge. The technology supports over 2,400 charging cycles and offers charging speeds four to five times faster than traditional lithium-ion batteries. The upcoming Volvo Polestar 5 electric vehicle, set for release in 2025, will feature a StoreDot battery capable of charging to 80% in just 10 minutes.
JR Energy Solution, StoreDot’s domestic production partner, specializes in battery cell manufacturing and aims to expand its battery foundry business. Since its establishment in 2022, JR Energy Solution has secured investments totaling 60 billion won and plans to increase its production capacity from 500MWh to 1.5GWh this year, with further expansions projected by 2027.
A representative from the battery industry commented, “The fact that global technology companies chose Korea as a global production hub proves that domestic battery technology is competitive. It is expected to revitalize the domestic battery ecosystem, which has been sluggish so far.”
Source: MK News
