StoreDot, an Israel-based startup whose FlashBattery technology can charge electric vehicles in a matter of minutes, has raised $60 million in a round of funding led by Daimler’s trucking division, with participation also from Samsung Ventures and Norma Investments.

StoreDot’s FlashBattery technology enables charging any electric vehicle within minutes, as quickly as filling a tank of gas. Furthermore, FlashBattery’s high efficiency in recuperation is particularly interesting for commercial vehicles; better usage of braking energy increases the range and requires less frequent charging. This results, together with faster charging times, in higher vehicle usage.

In addition to joining the funding round, Daimler is actually jumping on board StoreDot’s program as a strategic partner to accelerate the adoption of the FlashBattery technology”in the EV market.

Martin Daum, Member of Daimler’s Board of Management with responsibility for Daimler Trucks & Buses: “Electrification of trucks is of top priority at Daimler. Today’s global launch in New York City of the FUSO eCanter, the world’s first series-produced all-electric light-duty truck, provides impressive proof of our strive for bringing electric vehicles for everyday use to the market. Fast charging is an important topic especially for fleet owners of all Daimler Trucks brands. Together with StoreDot we will now jointly work on a holistic approach to fast charging.”

Dr. Doron Myersdorf, Co-Founder and CEO of StoreDot: “Having Daimler, a world leader in the automotive field, as a strategic partner is of significant value to StoreDot. It will accelerate the completion of our development process and the introduction of FlashBattery to the market. Together with Daimler teams, we create synergies that optimize the characteristics of our innovative solutions with the requirements of the electric vehicles of the future.”

Earlier this year, StoreDot demonstrated the viability of a concept for five-minute charging of vehicle batteries, showcasing how its new organic compounds combined with nanomaterials are implemented in the battery cell. StoreDot’s new batteries are currently in an advanced stage of development, and are expected to be integrated into electric vehicles that are now in their design phase.