Eve Energy to manufacture Storedot batteries

Israeli battery firm Storedot will use Chinese battery maker Eve Energy’s production lines to manufacture its battery cells.

As well as having its own manufacturing capacity, the company will also license its technology to Eve.

“This newly minted agreement with Eve Energy is a pivotal inflexion point for Storedot. We now have the agreement for captive capacity, and it gives us the ability to implement our ambition for mass production of our extreme fast charging cell technologies,” says Amir Tirosh, COO of Storedot.

Eve — which is listed on the Shenzhen Stock Exchange — will supply cells with Storedot’s technology to OEMs through its existing partnerships. The firm counts German OEM BMW amongst its customers.

“We are excited to be able to help deliver Storedot's proven XFC technology to leading electric vehicle manufacturers,” says Alexander Holden, senior vice-president at Eve.

Eve has production facilities in China, and is building a 28GWh factory in Hungary that will be operational from 2026. It is also part of a joint venture with Daimler Trucks, Cummins and Paccar to make lithium-iron-phosphate (LFP) battery cells in the US.

Storedot and Eve announced an initial commercial partnership in 2021.

Eve founder Liu Jincheng also owns investment fund Golden Energy Global Investment, which holds equity in Storedot.

Storedot's other strategic investors and partners include global oil heavyweight BP, Daimler, EV start-ups Vinfast and Polestar, Indian manufacturer Ola Electric, and electronics firms Samsung and TDK.

Last year it signed a collaboration agreement with Sweden's Volvo Cars to help accelerate its technology.

Storedot’s product roadmap aims to deliver cells that can provide 100 miles of range on a 5 minute charge in 2024 ('100in5'), a 4 minute charge in 2026 ('100in4'), and a 3 minute charge in 2028 (‘100in3').