StoreDot's $18M funds will be used to develop a five-minute charging of electric cars

StoreDot, the startup company producing nanotech batteries that can charge smartphones in 30 seconds, had acquired $18M funds from Samsung, Norma Investments and Singulariteam, totaling $66M. The new funding will be spent to charge electric cars.

StoreDot, a three-year-old Israeli startup announced on Wednesday that it acquired $18M funds from Samsung Ventures, Singulariteam and Norma Investments Limited owned by Roman Abramovich; a Russian-Jewish investor. At this time, StoreDot has a total of $66M capital, planning to focus on developing fast-charging batteries for electric vehicles.

"StoreDot wishes to expand into the electric car market and become the leader in the race for the fastest charged battery. This step is a part of our move to commercialize our cutting-edge technology, that can change the lives of smartphone users and drivers." StoreDot Founder, CEO Dr. Doron Myersdorf told Geek Time.

In a news from Fortune, the company that was founded in 2012 is developing a lithium-ion battery that is capable of full charging in a matter of minutes. If that would be the case, the report said that the charging time for an electric car would be the same as filling up the gas of an ordinary car.

Myersdorf said they have come up with materials to produce an 'almost transparent' electrode to optimize a low resistance battery and for electric current to swiftly pass through it. The target is to reduce the charging time of vehicles to five minutes.

But for the meantime, The Next Web specified that StoreDot charges smartphones by only 30 seconds. Accordingly, Myersdorf is expecting to sign a deal with a phone maker for the batteries to be commercially available next year.

The flash battery technology could be the next trend to energize our devices and electric vehicles. But even if they have plans to bring the flash batteries on electric cars; it would take more than five years to make it in the market.