Tesla Motors Inc might need to work faster on solutions from its Tesla Energy segment if it wants to stay competitive in the long term. The Daily Mail reports that an Israeli firm, StoreDot is ready to challenge Tesla in the battery space with a product that is better than what Tesla or its rivals has in the market right now. It was said that StoreDot has created a battery tech that can charge a smartphone in 30 seconds while charging an electric car under 5 minutes.
StoreDot, based in Tel-Aviv, Israel is using nano-technology to make artificial molecules that can absorb and store energy. The firm has created a battery that charges faster while storing a higher charge than current Li-ion batteries. The firm says its battery acts “like a super-dense sponge to soak up power and retain it”.
Tesla Motors battery challenge
Tesla Motors power cell segment “Tesla Energy” is set to be a key income driver for the firm in the medium to long term. The market seems to agree that the success of Tesla Energy cement Tesla’s lead in the EV and power storage space. The firm knows this and it is building a Gigafactory in Nevada. In fact, the firm’s energy segment now has 100,000 orders that are worth about $1B.
The problem with Tesla’s batteries is how to manage energy density and the lifespan of the battery. The density refers to the volume of charge that a battery can store per time. You can only increase the density of a Li-Ion battery by making the battery bigger, which makes its bulky. If you want to retain a small form factor while increasing the density, you’ll be prepared to reduce the lifespan of the battery.
StoreDot is a formidable rival for Tesla
StoreDot might prove to be a worthy rival for Tesla Motors in the energy storage business and the firm is moving at a very fast pace with its novel tech. The firm has already gotten $48M from two rounds of funding. One of its backers is an unnamed Asian smartphone maker. The firm also includes Russian billionaire Roman Abramovic among its backers. It has so far raised $117M in funding towards building a car version of its battery.
StoreDot says that by 2016, it would have a small battery that can give enough power to last a smartphone for 24 hours from only 30 seconds of charging. The firm also says it would now be working on the ‘first ever instantly-charging car prototype“.
It appears that StoreDot has lofty aims. Doron Myersdorf, founder and CEO, says it has strong prospects because “these are new materials, they have never been developed before”.