Israeli battery startup StoreDot announced a definitive agreement to go public on the U.S. Nasdaq stock exchange through a merger with the special purpose acquisition company (SPAC), Andretti Acquisition Corp. II.
The transaction values StoreDot at an $800 million pre-money equity value, with the combined entity—which will be renamed XFC Battery—projected to have an enterprise value of approximately $882 million. The merger is expected to secure approximately $222 million in net cash proceeds to accelerate the market introduction and scale-up of StoreDot’s XFC battery cells.
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StoreDot defines its XFC technology as capable of charging an electric vehicle (EV) battery from 10 to 80 per cent state of charge in just ten minutes. The company has demonstrated this capability with a prototype of the Polestar 5 and reports that seven further automotive manufacturers are currently validating the technology.
Doron Myersdorf, CEO of StoreDot, emphasized the strategic necessity of the merger in driving global deployment. “Partnering with Andretti II SPAC and its iconic team provides us with the ideal platform and resources to dramatically scale our production and commercialisation efforts. Our mission is to eliminate range and charging anxiety, and we believe this transaction fuels our ability to deliver XFC to EV drivers globally,” Myersdorf said.
See also: StoreDot, JR Energy to Mass Produce Ultra-Fast Charging Batteries in South Korea
StoreDot’s strategy relies on a capital-efficient licensing model, where its patented XFC technology is offered as a ‘drop-in’ solution compatible with existing lithium-ion production lines, eliminating the need for new infrastructure. This model is already in use through a licensing partnership with South Korea’s JR Energy Solution.
The merged company will be led by Myersdorf and the existing StoreDot management team. Andretti Acquisition Corp. II is backed by racing legends Mario Andretti and his son, Michael Andretti.
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Michael Andretti, a director and Special Advisor to the SPAC, stated: “We believe this business combination marks a pivotal moment in the future of electric mobility. The Andretti name is synonymous with speed, innovation, and winning, and we see all of that in StoreDot’s XFC technology.”
The transaction, which requires approval from shareholders and regulators, is expected to close in the second quarter of 2026.