StoreDot agrees $800 million SPAC merger to commercialise extreme fast charging battery technology
By Eve
Israeli battery developer StoreDot has agreed to go public via a merger with Andretti Acquisition Corp. II, a Nasdaq listed SPAC, in a deal valuing the company at $800 million pre-money and an $882 million pro forma enterprise value. Founded in 2012 and backed by investors including BP, Daimler and Samsung Ventures, StoreDot has raised roughly $200 million to date developing battery cells that can deliver 100 miles of range in five minutes, with a roadmap to reduce that to three minutes. The transaction is expected to close in the second quarter of 2026, subject to shareholder and regulatory approvals, with the combined entity to be named XFC Battery and trade on Nasdaq.
Why it matters: Extreme fast charging remains a critical barrier to EV adoption, and StoreDot's public listing will provide capital to scale production of cells that could significantly reduce dwell times at charging sites. For CPOs and infrastructure planners, the technology's promise of three to five minute charging sessions could reshape site design, throughput economics and grid connection requirements if commercialisation succeeds.