Kazakhstani entrepreneurs invested $800K in StoreDot

StoreDot, which develops fast-charging solutions for electric vehicles, has secured an investment of $800,000 from Kazakhstani entrepreneurs, according to investment company Raison.

StoreDot's strategic investors and partners include BP, Daimler, VinFast, Volvo Cars, Polestar, Ola Electric, Samsung, TDK, and its manufacturing partner EVE Energy. According to the company's statement to Forbes Kazakhstan, Kazakhstani investors contributed their funds during the later stages — specifically in the Series D round.

Kazakhstani entrepreneur Kenges Rakishev (No. 19 in the ranking of the 75 richest businessmen in Kazakhstan, Forbes Kazakhstan estimating his fortune at $435 million in 2024) made an early-stage investment in the startup.

"StoreDot is developing ultra-fast charging solutions for lithium-ion batteries that can charge up to 80% in five minutes, making the company's products highly attractive to the electric vehicle market and end consumers," the statement reads. "StoreDot's technologies could significantly accelerate the transition to electric vehicles by overcoming one of the main hurdles — long charging times. Kazakhstani investors see this as an opportunity for significant growth and market expansion."

YOUTUBE=T2U4yUAzA_w StoreDot and Polestar showcase world's first 10-minute electric car charge with si-dominant cells

In May 2024, StoreDot demonstrated its technology outside laboratory conditions using a Polestar 5 electric vehicle prototype. The vehicle was equipped with StoreDot's experimental ultra-fast charging traction battery. During the experiment, the battery's charge was increased from 10% to 80% in just 10 minutes, as reported by Raison's press service.