Fast-charging battery startup StoreDot and Andretti Acquisition Corp. II have mutually canceled their $800 million SPAC merger, which would have taken the company public on Nasdaq, after the company failed to secure the necessary funding.
The merger was originally slated to close in the second quarter of 2026. The deal collapsed after StoreDot failed to complete a planned private fundraising round of $30-50 million.
As part of the SPAC transaction, StoreDot was required to secure a minimum cash injection to ensure sufficient liquidity post-merger. However, amid the challenging market conditions of early 2026, institutional investors did not commit the necessary funds. At the same time, the anticipated redemption rate among SPAC shareholders was expected to be high, a scenario that would have left StoreDot with insufficient cash to sustain operations after going public.
StoreDot CEO and co-founder Doron Myersdorf told Calcalist that the company is now raising capital independently, aiming to secure several tens of millions of dollars to continue operations. According to Myersdorf, uncertainty in the global automotive industry has tightened financial conditions across the sector and contributed to the difficulty in completing the SPAC-related fundraising.
He added that he believes the company will be able to raise the required capital and avoid liquidation.
A SPAC (special purpose acquisition company) is a publicly traded shell company with no operating business, created to raise funds and merge with a private company, thereby taking it public without a traditional IPO. Completing such transactions typically requires a minimum level of cash remaining in the trust account, as well as additional financing commitments.
About a month ago, StoreDot, which operates out of Herzliya, laid off most of its employees and now retains only a few dozen staff members. The remaining team is focused on maintaining existing projects and advancing commercialization of its fast-charging electric vehicle battery technology.
StoreDot operates under a technology licensing model: rather than building its own manufacturing facilities, it licenses its proprietary battery chemistry to established manufacturers for integration into their production lines.
Founded in 2012 by Doron Myersdorf, Prof. Simon Litsyn, and Prof. Gil Rosenman, StoreDot has spent more than a decade developing its technology and has raised roughly $200 million to date. Its investors include Roman Abramovich, the Wertheimer family, BP, Daimler, Samsung Ventures, GlenRock, Singulariteam, and TDK. In 2022, the company raised a $70 million Series D round at a reported valuation of $1.5 billion, a figure that reflected peak optimism around electric vehicle infrastructure and next-generation battery technologies.
