StoreDot and Andretti Acquisition Sign Agreement for Business Combination to Accelerate Extreme Fast Charging Battery Adoption

StoreDot Ltd. and Andretti Acquisition Corp. II have signed a definitive business combination agreement that will create a new publicly traded holding company named XFC Battery. The combined entity aims to commercialize StoreDot’s Extreme Fast Charging (XFC) battery technology, which the company claims can add 100 miles of range in 5 minutes and ultimately in as little as 3 minutes. The firms say the merger will help address one of the biggest barriers to electric vehicle adoption: long charging times. The news was announced on Globe Newswire, on December 3, 2025.

StoreDot believes its patented technology is ready for large-scale deployment and is currently engaged in B-sample development and validation programs with several global automakers. The company uses a licensing model designed to allow its cells to be produced on existing lithium-ion manufacturing lines without new infrastructure.

Dr. Doron Myersdorf, CEO of StoreDot, commented, “Partnering with Andretti II SPAC and its iconic team provides us with the ideal platform and resources to dramatically scale our production and commercialization efforts. 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 strong momentum we have with leading OEMs, who are in the process of validating and integrating our cells, proves that the industry is ready for minutes-long charging. Together with the Andretti team, we are set to transform the EV landscape.”

“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. They have established incredible momentum, securing strategic partnerships and investment from global automotive and technology giants. Our partnership is about more than capital; it’s about accelerating the deployment of this critical technology to consumers worldwide and cementing the combined company as a market leader.”

The transaction values StoreDot at an $800 million pre-money equity valuation. All existing StoreDot shareholders, optionholders, and warrantholders will roll over their equity into the new company, representing about 80 million shares at $10 per share. Assuming no redemptions, the pro forma enterprise value is projected to be $882 million. Andretti Acquisition Corp. II currently holds about $242 million in cash in trust.

XFC Battery will be led by StoreDot CEO Dr. Doron Myersdorf and StoreDot’s current management team. Myersdorf said the partnership offers the platform needed to scale production and deliver fast-charging technology globally. Michael Andretti, serving as a director and Special Advisor to the SPAC, said the agreement represents a significant step in advancing the future of electric mobility.

Both companies’ boards unanimously approved the deal, which still requires shareholder approval, regulatory clearances, and completion of other customary closing conditions. The transaction is expected to close in the second quarter of 2026.

Advisors for the deal include Cohen & Company Capital Markets for Andretti, Cantor as StoreDot’s exclusive financial advisor, and legal counsel from Ellenoff Grossman & Schole LLP, King & Spalding LLP, and DLA Piper LLP.

StoreDot is headquartered in Herzliya, Israel, and is backed by major automotive and technology investors including Daimler, Volvo Cars, Polestar, Ola Electric, VinFast, BP Ventures, Samsung, and TDK. Andretti Acquisition Corp. II is backed by a team that includes racing legends Mario and Michael Andretti.