Ukrainian CIG group acquires stake in Israeli next-gen battery maker

By Kseniia Maslakova / September 20, 2021

 Earlier this month, Ukrainian Chernovetskyi Investment Group (CIG) announced the acquisition of a stake in Israeli startup StoreDot. Neither the size of the stake nor the amount of the transaction were disclosed.

StoreDot develops materials to produce new generation batteries, intended to change the electric car market shortly. As noted by CIG, StoreDot has created a technology to produce batteries with a high charging speed, increased lifetime, and safety. 

These results are achieved by replacing the graphite used in the battery with metalloid nanoparticles, including silicon, which allows the electric vehicle to charge in five minutes — a record time currently, says CIG. 

Prior to the deal with CIG, several international corporations, including British Petroleum, Daimler, Samsung Ventures, had already invested over $130 million in StoreDot.

Investment company SIG is backed by businessman and former Kyiv mayor Leonid Chernovetskyi. CIG has a sizable startup portfolio, comprising Ukrainian companies as well as a few foreign ones. These include InnerChef, an Indian foodtech company, and OneKitchen, a chain of shared kitchens in the United Arab Emirates.

CIG notes that “the electric vehicles market is actively developing because of the interest and demand among drivers for such cars, and because of government initiatives. Some countries have already announced that from about 2030, the sale of vehicles with an internal combustion engine will be banned, and almost the entire market for new cars will be occupied by electric vehicles.”

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