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Ben Geman Sep 14
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Battery startup raises $60m, partners with Daimler in EV push

StoreDot Ltd.

StoreDot Ltd., an Israeli battery startup seeking to commercialize technology that can charge electric vehicles in just minutes, announced Thursday that it has raised $60 million and launched a "strategic partnership" with major German automaker Daimler's truck division.

In addition to Daimler, other funders in StoreDot's third round of financing include financial institutions in Israel and China, as well as existing investors such as Samsung Ventures and billionaire Russian oligarch Roman Abramovich, the company said.

Why it matters: StoreDot's completion of a third funding round, not to mention the partnership with a deep-pocketed automaker, signals that StoreDot has convinced investors that it's on a strong path toward successfully commercializing its technology in the crowded EV battery space.