Published On: Mon, Aug 17th, 2020

Israeli startups REE Automotive, StoreDot Win 2020 Bloomberg Pioneer Award

REE and StoreDot were chosen from more than 100 applicants. Judges selected them as game-changing companies

Tel Aviv- based Automotive, which developed a revolutionary flat, scalable, and modular chassis for electric vehicles, and Ultra-fast charging pioneer, StoreDot, were named two of the top 10 innovative companies for 2020 by BloombergNEF Pioneer award.

REE and StoreDot were chosen from more than 100 applicants. An independent panel of judges selected them as game-changing companies for pursuing exciting opportunities and leading the transition to a low-carbon economy, through the development of cutting-edge renewable energy products, services, and software solutions.

BNEF awards, now in its eleventh year, based on three criteria: the potential to scale the opportunity; the level of innovation of the technology or business model, and momentum as demonstrated by strong commercial development, according to BloombergNEF.

New Israeli Unicorn: 5-min charging Battery StoreDot raises $60 million at $500 million valioation

Founded in 2013 by Barel and Ahishay Sardes, REE worked for years in stealth mode developed to developed its main product: the REEcorner, which integrates all traditional drive components (steering, braking, suspension, e-motor) into the arch of the wheel, which carries a flat, autonomous-ready EV platform, leaving more room for passengers. REE registered and owns more than 60 patents in the automotive field.  The company’s most recent fundraising round was completed at a valuation of $4 billion.

Herzliya-based Storedot was founded in 2012 by Doron Myersdorf, Simon Litsyn, Gil Rosenman. In June 2018, BP invested $20 million in the startup which was still planning to launch its first product. Storedot has raised in total $146 million.

“This year’s BNEF Pioneers are addressing a diverse range of challenges faced by businesses and society,” says Michael Wilshire, selection committee chair and head of strategy at BloombergNEF, where research fields include clean energy, advanced transport, digital industry, innovative materials, and commodities.

“Unrestricted by legacy thinking, REE has developed the next-generation EV platform, which enables the future of e-mobility,” says REE CEO and co-founder Daniel Barel. “Our completely flat, scalable and modular platform provides customers with full design freedom and space optimization to create the broadest range of EV and autonomous vehicles for current and future applications.”

“Featuring revolutionary wheel corner modules and chassis design, the REE platform enables EVs that are space-optimized, autonomous ready, and faster to develop while providing customers with the freedom to design the vehicle they need in a flexible, cost-effective way.” Daniel Barel, CEO, and Co-Founder of REE said. “We are honored to be recognized by the BNEF experts for our innovative approach and production-ready e-Mobility technology.”

StoreDot, CEO Doron Myersdorf said “StoreDot’s groundbreaking ultra-fast charging technology is set to overcome two of the biggest barriers to mainstream adoption of electric vehicles – range and charging anxiety. StoreDot’s FlashBattery technology makes it possible to fully charge an electric vehicle in just five minutes – the same amount of time it takes to refuel a conventional combustion engine car – and enables drivers to travel over 400 kilometers on a single charge,” he added. “We are incredibly proud to have been chosen as a BNEF Pioneer.”

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