Daimler invests in fast-charging electric battery firm StoreDot

Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

TEL AVIV (Reuters) - Israel's StoreDot, which is developing fast-charging battery technology, said on Thursday it raised $60 million in a third round of financing led by the truck division of Germany's Daimler DAIGn.DE.

The funding round also includes Lucion venture capital and financial institutions from Israel and China, as well as existing investors such as Samsung Ventures and Norma Investments, representing Russian businessman Roman Abramovich.

Daimler has also joined as a strategic partner to accelerate the adoption of StoreDot’s FlashBattery technology in the electric vehicles market.

StoreDot said its batteries, which use nanomaterials and proprietary organic compounds, enable fully charging any electric vehicle in five minutes. Earlier this year StoreDot demonstrated a proof of concept for five-minute charging.

“Electrification of trucks is of top priority at Daimler,” said Martin Daum, a member of Daimler’s board of management with responsibility for Daimler Trucks and Daimler Buses.

The latest funding brings StoreDot’s total raised to $108 million.

Reporting by Tova Cohen, Editing by Ari Rabinovitch