StoreDot hits $1.5 billion valuation in its recent funding round
The company announced the first close of its funding round of up to $80 million.
StoreDot is the maker of ultra-fast batteries for EVs. The company announced the first close of its Series D funding round of up to $80 million at a valuation of $1.5 billion. The majority of the funds have already been secured.
The round is led by Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in its future EVs.
The current round will allow the company to take its time and determine if it should go public, whether via a merger with a SPAC or traditional IPO, depending on the state of the market. According to the company’s CEO Doron Myersdorf, the company approached investment bank JP Morgan, but that the timing and likelihood of an IPO remain unclear.
We have been in contact with the company, monitoring the dynamics of share prices in the private market and carrying out our assessment of StoreDot’s value, factoring in the current state of the market. The company is in the midst of a new investment round, but hasn’t closed it yet. We will, of course, notify our investors if StoreDot's share price changes on the UT platform.
Stay tuned for any updates!