StoreDot and Andretti Announce Definitive Agreement for Business Combination to Accelerate EV Revolution with Extreme Fast Charging Technology

StoreDot and Andretti Acquisition Corp. II have signed a definitive agreement to accelerate the electric vehicle (EV) revolution with Extreme Fast Charging (XFC) battery technology. The combined entity will focus on commercializing XFC batteries to solve the primary barrier to EV adoption: charging speed. The transaction values StoreDot at $800 million pre-money equity value, with existing shareholders rolling over 100% of their equity. The pro forma enterprise value is expected to be $882 million, assuming no redemptions by Andretti's public shareholders. The combined entity will be led by Dr. Doron Myersdorf as CEO and StoreDot's experienced management team.