BATTERY TECHNOLOGY Strategic deal aims to scale EV fast charging

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StoreDot, an Israeli company for battery technology for EVs and Andretti Acquisition Corp. II, a Cayman Islands special purpose acquisition company, have entered into a definitive agreement to combine their businesses under a newly formed holding company.The holding company will be named “XFC Battery” and its shares are expected to be listed for trading on the Nasdaq Stock Market LLC.

StoreDot’s XFC battery technology is designed to enable very short charging times for electric vehicles, with reported performance of approximately 100 miles of range added within a few minutes. The company indicates a development roadmap toward further reductions in charging time. According to published information, the technology is undergoing advanced validation phases with multiple automotive OEMs and is intended to be compatible with existing battery manufacturing processes.

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.”

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Transaction overview

The Business Combination transaction values StoreDot at an implied pre-money equity value of $800 million, with existing StoreDot shareholders, optionholders and warrantholders set to roll over 100% of their equity into Pubco, or 80.0 million shares (including rolled over options and warrants on a net exercise basis) valued at $10.00 per share.

Andretti Acquisition Corp. II currently holds approximately $242 million in cash in trust, all of which is subject to redemption.

The pro forma enterprise value of the combined business is expected to be $882 million (assuming no redemptions by Andretti’s public shareholders).

The Boards of Directors of both Andretti Acquisition Corp. II and StoreDot have each unanimously approved the Business Combination Agreement and the proposed Business Combination.

The Business Combination transaction will require the approval of the stockholders of Andretti and StoreDot and is subject to satisfaction or waiver of the conditions stated in the Business Combination Agreement and other customary closing conditions, including obtaining certain financing commitments and the receipt of certain regulatory approvals.

The transaction is expected to close in the second quarter of 2026, subject to specified closing conditions.

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