Roman Abramovich invests $10m in StoreDot

The “Wall Street Journal” reports the investment. StoreDot has developed a battery to recharge a smartphone in 30 seconds.

Russian billionaire and Chelsea owner Roman Abramovich has invested $10 million in StoreDot, an Israeli startup developing electronics based on bio-organic materials, the “Wall Street Journal” has reported.

StoreDot has developed a battery charger that can recharge a Samsung smartphone in just 30 seconds.

The “Wall Street Journal” reports that the investment was carried out in May through Abramovich’s private asset management company Millhouse LLC and has not been previously disclosed. Both companies have confirmed the deal to the newspaper.

The investment is Millhouse’s second in Israel but the previous investment has not been disclosed. According to the company’s spokesperson, Millhouse made “a few investments in tech companies, both in Russia and abroad, including one other Israeli project” to date.

StoreDot told the “Wall Street Journal” it plans to raise an additional $20-30 million in the coming months, and to use the proceeds to establish a US R&D center to take its developments to production level. In batteries and screens, StoreDot says the materials it creates can replace the use of toxic metals such as cadmium.

The “Wall Street Journal” observed that StoreDot’s plan to open a US R&D center is a rare move for an Israeli startup. Usually Israeli technology companies become local R&D centers for international companies after being bought.

StoreDot CEO Dr. Doron Myersdorf said, “We need to be closer to electronics companies with an end-to-end operation. There aren’t many like these in Israel. We also want to be closer to Silicon Valley in order to have better access to basic technology and to be able to commercialize our products.”

StoreDot unveiled a prototype of its nano-dot battery at Microsoft’s Think Next Conference in Tel Aviv in April.

This article was originally published by Globes [online], Israel business news – www.globes-online.com – on June 12, 2014