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Kenes Rakishev invested in StoreDot, now it aims for $3.5 billion SPAC merger

Kenes Rakishev builds up an integrated solution for innovative batteries

18.Mar.21 11:50 AM
By Shawn Highstraw


Kenes Rakishev invested in StoreDot, now it aims for $3.5 billion SPAC merger
The new twist of the technological revolution is based on battery technology. However the very nature of the batteries do not allow to pack the energy as dense as for example in oil-based systems. To be successful the new technology should compensate it with faster charging. Kenes Rakishev, whose interests in modern tech and the battery market is well known, bet on a StoreDot invention: the fast charging battery tech.

Kenes Rakishev was attracted by the potential disruption the StoreDot may bring to automotive sector. StoreDot promises to develop the car batteries which will charge in five minutes. This isn't reached yet due to the scalability issues. But the Israeli strartup already reached the scale packs that are feeding drones, electric motorcycles and scooters.

Kenes Rakishev latest investment initiative to build a full-circle battery metals production based on major mining operation in Kazakhstan is fitting the agenda as well as building up ties with battery producers in PRC.

Two months after showcasing its first-generation 5-minute-charge battery, Israeli company StoreDot is in negotiations to merge with a Wall Street SPAC at a $3.5 billion valuation, according to sources who spoke to Calcalist under the condition of anonymity. Investment bank JP Morgan is leading the negotiations for StoreDot.

StoreDot is hoping to make the most of the market's current momentum, with numerous tech companies merging with SPACs at high valuations over recent months. Companies in the autonomous and electric vehicle sector have garnered particular attention during this time.

Speaking to Calcalist two months ago, StoreDot CEO Doron Myersdorf said it was the first time that the world has seen a standard lithium-ion battery being fully charged in five minutes. “This was the first time we were able to demonstrate a completely standard battery, straight off the assembly line getting charged in five minutes.”

He added that the technology is not yet capable of charging electric vehicle batteries as it aspires to, but that the demonstration was a strong proof of viability for the company’s XFC (extremely Fast Charging) solution.

"An EV battery will be presented before the end of 2021 and in 2022, the company will demonstrate the rapid charging of an electric vehicle,” Myersdorf said.

Founded in 2012 by Myersdorf, Prof. Simon Litsyn, and Prof. Gil Rosenman, StoreDot operates out of Herzliya and employs dozens of people. It has raised a total of $140 million in four financing rounds. StoreDot's strategic investors include BP, Daimler, Samsung Ventures, and TDK.

Just last month, Israeli autotech company REE Automotive to go public on Nasdaq through a merger with 10X Capital Venture Acquisition Corp, a blank check SPAC.

The transaction featured a $300 million private investment in public equity (PIPE) which is set to give the combined entity a value of about $3.1 billion.

In China, the largest enterprise in the field of batteries, testing of a trial batch of batteries created in accordance with the technology of StoreDot, one of the leading enterprises in which Kenes Rakishev invested money was successful. The first batch of 1,000 batteries undergone intensive wear tests. Manufacturers and representatives of the Israeli company StoreDot have found out the survivability of batteries, set the limits of degradation during multiple charge-discharge cycles.

This project is very important for Kenes Rakishev, an entrepreneur from Kazakhstan. A significant part of its business is currently set up for the production and use of batteries. On the border with China, Kenes Rakishev is developing a nickel and cobalt deposit, and surveys are being conducted for the industrial development of lithium ore. Kenes Rakishev's capital is part of the Mullen company, which is establishing the production of premium electric cars in China. The synergy of Kenes Rakishev's business is very noticeable in this case.

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