StoreDot claims they used nanotechnology to synthesize a man-made polymer material and then used that material to develop this battery. It can store higher volumes of electricity faster, absorbing and retaining power like a super-dense sponge. The company has already showcased a prototype mobile phone battery and raised $117 million, which it plans to use to develop a version for automobiles.
Although the current prototype looks rather bulky when used in a phone, the company believes they will launch a phone battery in 2016 made with the latest technology and thinner fibers. At that time, the new battery, capable of providing a day's worth of battery life, will only take 30 seconds to charge.
"These are new materials, never before developed," said Doron Myersdorf, founder and CEO of StoreDot. StoreDot's investors reportedly include Russian billionaire Roman Abramovich, owner of Chelsea Football Club.
StoreDot says one of their immediate goals is to develop the first instant-charging car prototype to date. In addition to upgrading existing flash battery technology, their fundraising will also be used to develop a new, more efficient charging station and establish a new fast-charging standard.
StoreDot states that its invention is based on "nanodot" technology. They describe nanodots as bio-organic peptide molecules. Nanodots can alter how batteries operate, enabling them to absorb energy rapidly. Crucially, they can conserve power.
StoreDot had previously raised $48 million in two funding rounds, including a stake in a major mobile phone manufacturer. However, Melsdorf declined to name the manufacturer, only stating that it was an Asian company.
With the number of smartphone users worldwide projected to reach 1.75 billion this year, StoreDot faces a massive market with enormous potential opportunities. Some experts believe StoreDot will emerge as a winner in this market. However, StoreDot still has much work to do to continuously improve its technology.
“We live in a ‘power-hungry’ world,” said Zach Wiesfeld, a market analyst who has assessed innovation in the global mobile phone industry. “People are constantly chasing power outlets, and StoreDot really has the potential to solve this major problem. But they still have a long way to go, dealing with issues such as battery form factor and power cycle times. If these issues are resolved, it will be a huge breakthrough. A power cycle time is the number of times a battery can be recharged during its lifespan.”
Melsdorf predicts that future fast-charging phones will cost $100 to $150 more than current products, and will eventually achieve 1,500 charge-discharge cycles, lasting for three years. He also stated that he hopes automotive battery products using the same technology can fully charge an electric vehicle in two to three minutes, preventing the current situation where charging typically takes an entire night.
