Although the Tel Aviv based company is best known for its attempts to develop a battery that can fully charge a smartphone in 30-90 seconds, this latest financing is focused on the development and commercialization of the EV business unit.

StoreDot became famous for its 30-second cellphone recharging technology, which the company says will be on the market in the middle of 2016. The company’s goal is to use the funding to build a fast-charging electric vehicle, as well as to hire new employees and establish new labs for the unit.

Cellphones and electric vehicles have a lot in common. These form the basis of a multi-function electrode that allows for supercapacitor-like rapid charging, with a slow discharge more like a lithium-ion battery. With enough dots – 7,000 – the system can provide the power needed to get an electric vehicle rolling. Investors have been handing them millions in the bid to come up with a battery for electric cars. Now StoreDot wants to make batteries for electrical vehicles.

The concept still includes lithium components in the cathode, but the company claims that its modified anode and cathode and a proprietary electrolyte and separator are responsible for the incredible recharge speeds. The new funding will be spent to charge electric cars.

The technology start up StoreDot has already raised $18 million.

Expanding interest in electric cars is leading to something of a golden age in battery research. Only one other – Toyota’s RAV4 EV – can go more than 100 miles (103, to be exact) on a single charge. Companies large and small are searching for a technology breakthrough that can address the issues of cost, range, and charging times that now limit the appeal of electric cars. “Together with our strategic partners, StoreDot will accelerate the process of delivering our FlashBattery technology to the EV market”. “This funding brings StoreDot closer to fulfill its vision of a care-free fast-charging future”, said Myersdorf.