VinES Energy Solutions, a member of private Vietnamese conglomerate Vingroup, and StoreDot, an Israel-headquartered pioneer of battery solutions, have signed an agreement to develop extreme fast charging batteries.
Under the agreement signed on Friday, the two firms will introduce extreme fast charging (XFC) battery solutions for the green mobility market, including smart electric vehicles manufactured by VinFast, also part of Vingroup.
They will also jointly research, develop, and offer XFC battery cells in various forms in preparation for mass production and supply.
The Israeli partner will share its technology, while the Vietnamese partner will provide and contribute its know-how and experience with development, manufacturing, and supply chain connectivity.
The first generation of the XFC battery is expected to be available commercially by 2025 and installed in VinFast vehicles.
“The partnership with StoreDot reflects VinES complimentary strategies by combining global innovative technologies with those in-house in our state-of-the-art production of electric vehicle batteries in Vietnam,” said Pham Thuy Linh, CEO of VinES.
The deal is also part of the long-standing relationship between the Israeli firm and Vingroup, as the latter was the lead investor in the former’s Series D funding round of $80 million in January 2022.
Per StoreDot’s production roadmap, the batteries will be capable of delivering 100 miles after just a five-minute charge in 2024, then three minutes in 2028, and two minutes in 2032.
In line with VinFast's move to develop electric vehicles, VinES has cooperated with various international partners in battery production.
Last week, Li-Cycle, the largest lithium-ion battery recycler in North America, signed a definitive agreement with VinES for a long-term battery recycling relationship.
VinES has also embarked on a partnership with Turkish company Altınay Elektromobilite to provide comprehensive energy storage solutions in the Turkish market.
In November 2022, VinES Energy Solutions and the China-based Gotion High-Tech started construction of a $275 million battery factory in Vietnam.