Israeli battery technology company StoreDot has announced plans to go public on the US Nasdaq stock exchange through a merger with Special Purpose Acquisition Company (SPAC) Andretti Acquisition Corp. II. The transaction, expected to close in the second quarter of 2026, will provide StoreDot with approximately $222 million in working capital to accelerate the commercialization of its extreme fast-charging (XFC) battery technology.
The merger values StoreDot at a pre-money equity value of $800 million, with a post-merger enterprise value of approximately $882 million. Andretti Acquisition is contributing a cash position of around $242 million to the deal, with nearly $20 million allocated to transaction costs.
Revolutionary 10-Minute Charging Technology
StoreDot has developed XFC (Extreme Fast Charging) battery cells capable of charging electric vehicles from 10 to 80 percent state of charge in just 10 minutes. The company has already demonstrated this capability with a prototype of the Polestar 5, which was equipped with a specially developed 77 kWh XFC battery pack.
According to StoreDot, seven automotive manufacturers have validated the technology, though the company has not publicly disclosed all the names. The fast-charging performance represents a significant advancement over current lithium-ion battery technology, which typically requires 30 minutes or more to achieve similar charging levels.
Capital-Efficient Licensing Model
Rather than building its own manufacturing facilities, StoreDot has adopted a capital-efficient licensing model designed as a “drop-in” solution compatible with existing lithium-ion production lines. This approach is intended to accelerate market introduction while eliminating the need for substantial new production infrastructure investments.
In February 2025, StoreDot announced its first licensing partnership with JR Energy Solution, a South Korean battery technology company. This partnership model allows StoreDot to scale its technology rapidly through established manufacturers rather than building capacity from scratch.
The company emphasizes that its XFC technology is already patented and ready for series production, positioning it for rapid market deployment once the merger is completed.
Andretti Racing Legacy Backs EV Innovation
Andretti Acquisition Corp. II is backed by Formula 1 legend Mario Andretti, who won the 1978 F1 World Championship, and his son Michael Andretti, also a former racing driver. The Andretti name brings significant brand recognition in the automotive and motorsports industries.
“We believe this business combination marks a pivotal moment in the future of electric mobility,” said Michael Andretti, a director of and Special Advisor to Andretti Acquisition Corp. II. “The Andretti name is synonymous with speed, innovation, and winning, and we see all of that in StoreDot’s XFC technology.”
Management and Strategic Vision
The merged company will continue to be led by Doron Myersdorf as Chief Executive Officer, alongside StoreDot’s existing management team. All existing shareholders, option holders, and warrant holders will transfer 100 percent of their equity into the combined entity.
“Partnering with Andretti II SPAC and its iconic team provides us with the ideal platform and resources to dramatically scale our production and commercialisation efforts,” said Myersdorf. “Our mission is to eliminate range and charging anxiety, and we believe this transaction fuels our ability to deliver XFC to EV drivers globally.”
The company states that strong momentum with leading original equipment manufacturers (OEMs), who are currently validating and integrating StoreDot’s cells, demonstrates that the automotive industry is ready for minute-long charging capabilities.
Transaction Timeline and Structure
The transaction is subject to customary closing conditions and regulatory approvals, with completion expected in the second quarter of 2026. No additional capital raise is currently planned beyond the funds provided through the SPAC merger.
Of the $242 million cash position from Andretti Acquisition, approximately $222 million will be allocated directly to StoreDot’s business operations, providing the company with substantial resources to scale production partnerships and expand its commercialization efforts.
The deal represents one of the latest examples of battery technology companies pursuing public listings through SPAC mergers, a route that has become increasingly popular for companies seeking faster access to public markets compared to traditional initial public offerings.
