StoreDot Ltd., a pioneer of extreme fast charging (XFC) battery technology, and JR Energy Solution, a leader in electrode fabrication and production, today announced the signing of a Memorandum of Understanding (MOU) to explore the formation of a joint venture (JV). The JV will focus on developing, manufacturing, customer acquisition, and commercializing high-performance XFC battery cells for markets outside electric vehicles (EVs), initially targeting drones and humanoid robots, with potential expansion into other high-growth sectors.
The contemplated JV aims to leverage StoreDot's innovative XFC technology and JR Energy Solution's expertise in electrode fabrication to address the increasing demand for advanced energy storage solutions. The initial focus will be on defining and designing products, manufacturing, acquiring customers, and commercializing XFC battery cells. The JV plans to adopt a lean and agile operational model, initially outsourcing cell assembly to qualified third-party partners. This strategy allows the JV to prioritize customer acquisition and commercialization activities.
"This MOU represents a significant step towards expanding the reach of StoreDot's XFC technology into exciting new markets with speed and efficiency," said Dr. Doron Myersdorf, StoreDot CEO. "By partnering with JR Energy Solution, we can combine our respective strengths to deliver cutting-edge battery solutions that empower a wide range of applications, from drones to robotics. We believe this JV has tremendous potential to deliver XFC technology to various applications."
"Duke Oh, CEO of JR Energy Solution added, "We are thrilled to collaborate with StoreDot on this venture. Their groundbreaking XFC technology complements our expertise in electrode production perfectly. Together, we are well-positioned to develop and deliver high-performance battery cells that meet the evolving needs of these dynamic markets."
The parties aim to finalize the formation of the JV by April 2025.
The contemplated JV aims to leverage StoreDot's innovative XFC technology and JR Energy Solution's expertise in electrode fabrication to address the increasing demand for advanced energy storage solutions. The initial focus will be on defining and designing products, manufacturing, acquiring customers, and commercializing XFC battery cells. The JV plans to adopt a lean and agile operational model, initially outsourcing cell assembly to qualified third-party partners. This strategy allows the JV to prioritize customer acquisition and commercialization activities.
"This MOU represents a significant step towards expanding the reach of StoreDot's XFC technology into exciting new markets with speed and efficiency," said Dr. Doron Myersdorf, StoreDot CEO. "By partnering with JR Energy Solution, we can combine our respective strengths to deliver cutting-edge battery solutions that empower a wide range of applications, from drones to robotics. We believe this JV has tremendous potential to deliver XFC technology to various applications."
"Duke Oh, CEO of JR Energy Solution added, "We are thrilled to collaborate with StoreDot on this venture. Their groundbreaking XFC technology complements our expertise in electrode production perfectly. Together, we are well-positioned to develop and deliver high-performance battery cells that meet the evolving needs of these dynamic markets."
The parties aim to finalize the formation of the JV by April 2025.