The battery uses nano-technology to synthesize artificial molecules, which allows the new battery to store a higher charge in less time than existing technology, and can be likened to a super-dense power sponge.
The new battery, developed by Tel Aviv-based StoreDot, is capable of charging an electric car in a matter of minutes, an advance which could revolutionize the progression of the industry.
Last year was a banner year for hedge funds in general, as the industry attracted $31 billion worth of net inflows, according to data from HFM. That total included a challenging fourth quarter, in which investors pulled more than $23 billion from hedge funds. HFM reported $12 billion in inflows for the first quarter following Read More
StoreDot battery: A potential advance for smartphones
The company predicts that it will be able to package the battery in a smaller unit by 2016, which will enable its use in smartphones. It is currently far too large for use in small devices.
“These are new materials, they have never been developed before,” stated Doron Myersdorf, founder and chief executive of StoreDot. Russian billionaire and Chelsea owner Roman Abramovich is an investor in the company.
The technology is based on “nanodots”, described by StoreDot as bio-organic peptide molecules. Nanodots change the behavior of the battery to allow for rapid absorption and retention of power.
Backers have so far invested $48 million over two rounds of funding. One significant backer is an unnamed Asian mobile phone manufacturer.
This year the number of smartphone users is expected to reach 1.75 billion, a big market for StoreDot. Experts predict that the company could be onto a winner if it continues to develop its product.
“We live in a power hungry world … people are constantly chasing a power outlet. StoreDot has the potential to solve this real big problem,” said Zack Weisfeld, an analyst in the mobile phone sector.
“They still have some way to go, to deal with size of battery and power cycle rounds, but if solvable, it’s a very big breakthrough,” he said. The power cycle of a battery is the number of times it can be recharged over the course of its lifetime.
Myersdorf claims that a fast-charge phone would set customers back $100-$150 more than existing models. It would have a lifespan of around three years, or 1,500 recharge/discharge cycles.
He is also working on reducing charging times for electric cars from an overnight charge to one that lasts just two or three minutes..