Their next goal? The introduction of electric vehicle batteries that can charge up to 300 miles (about 480 kilometers) in five minutes makes the impossibility possible.
StoreDot has developed an electric scooter battery that can be fully charged in 5 minutes and can last up to 70 kilometers. "this shows that we can break the barrier to fast charging and become impossible," said CEO Mellsdorf.
He said that in order for electric cars to be charged for five minutes, it would require 10 times more power batteries than scooter batteries and more efficient battery cooling.
It is estimated that electric vehicles will account for more than half of global new car sales by 2040, as the price of electric vehicles drops, battery life prolongs and mileage increases. According to McKinsey, by 2030, about $50 billion in charging equipment investment will be needed to meet electricity demand.
StoreDot is not the only company trying to solve the charging problem of electric vehicles. Porsche has previously said that its Taycan electric sports car, which it will launch later this year, will last 100 kilometers in four minutes and 80% in 15 minutes after charging. Tesla's supercharging station can charge 80% of the battery in half an hour. Chakratec, an Israeli startup, and Wien Energie, an Austrian energy supplier, installed an electric vehicle charging station at Vienna International Airport this month, allegedly filling some models with electricity in 10 minutes.
But Ultra-fast charging technology still faces major obstacles, including the need for better raw material supply chains, rethinking the design of charging stations, battery manufacturing sites, and improving the disposal of used batteries. These challenges require strong financial and government support.
StoreDot's batteries use germanium and tin and contain less lithium than those used in Tesla and Ulai cars, which recently suffered from spontaneous combustion, Melsdorf said. This kind of battery not only charges faster, but also is harder to burn.
Some experts worry that this ultra-fast charging technology may lead to faster battery decay. But according to StoreDot, the company added compounds to batteries to prevent decay, although this remains to be confirmed.
Melsdorf, CEO of the company, said its batteries would not decay, but he understood the concerns of experts. "Professors here still think that what we do is impossible because their understanding of batteries is still in the past," he said.
But he admits it's too early to know the cost of StoreDot's car batteries or how they will affect the company's revenue.