Israeli battery developer StoreDot said it will form a joint venture with South Korea’s JR Energy Solution to mass-produce its ultra-fast charging (XFC) batteries, aiming to establish South Korea as a key production hub.
The partnership will initially target an annual production capacity of 1.5 gigawatt-hours (GWh) in 2024, scaling up to 4 GWh by 2027. If demand rises, capacity could expand to 10 GWh, which would support battery supply for about 130,000 high-performance electric vehicles. South Korean media reported that reaching 10 GWh capacity would require an investment exceeding €650 million.
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“We plan to build Korea as a global super-fast charging battery production hub,” StoreDot CEO Doron Myersdorf said. “It is a strategic investment decision to accelerate the commercialization of super-fast charging batteries in various industries such as electric vehicles, drones, robots, and defense.”
StoreDot, known for its work on rapid-charging battery technology, previously demonstrated that a prototype Polestar 5 could charge from 10% to 80% in just ten minutes. The company’s partners include Mercedes, VinFast, Volvo Cars, Polestar, and Ola Electric.
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The venture with JR Energy Solution follows StoreDot’s existing collaboration with China’s EVE Energy. However, amid growing U.S.-China trade tensions, production at EVE Energy has been redirected to meet domestic demand in China. StoreDot is positioning South Korea as a key base for expanding its global market presence.