Fast-charging battery startup StoreDot closing on $3.5 billion SPAC merger

Two months after showcasing its first-generation 5-minute-charge battery, Israeli company StoreDot is in negotiations to merge with a Wall Street SPAC at a $3.5 billion valuation, according to sources who spoke to Calcalist under the condition of anonymity. Investment bank JP Morgan is leading the negotiations for StoreDot. StoreDot's batteries can currently be used to power various devices including drones, electric motorcycles, scooters, power tools, and others.

StoreDot is hoping to make the most of the market's current momentum, with numerous tech companies merging with SPACs at high valuations over recent months. Companies in the autonomous and electric vehicle sector have garnered particular attention during this time.

Speaking to Calcalist two months ago, StoreDot CEO Doron Myersdorf said it was the first time that the world has seen a standard lithium-ion battery being fully charged in five minutes. "This was the first time we were able to demonstrate a completely standard battery, straight off the assembly line getting charged in five minutes."

Two months after showcasing its first-generation 5-minute-charge battery, Israeli company StoreDot is in negotiations to merge with a Wall Street SPAC at a $3.5 billion valuation, according to sources who spoke to Calcalist under the condition of anonymity. Investment bank JP Morgan is leading the negotiations for StoreDot. StoreDot's batteries can currently be used to power various devices including drones, electric motorcycles, scooters, power tools, and others.

StoreDot is hoping to make the most of the market's current momentum, with numerous tech companies merging with SPACs at high valuations over recent months. Companies in the autonomous and electric vehicle sector have garnered particular attention during this time.

Speaking to Calcalist two months ago, StoreDot CEO Doron Myersdorf said it was the first time that the world has seen a standard lithium-ion battery being fully charged in five minutes. "This was the first time we were able to demonstrate a completely standard battery, straight off the assembly line getting charged in five minutes."