Published on
February 20, 2026
StoreDot’s SPAC Deal Collapses, Citing Cash Issues
StoreDot's $800M SPAC merger with Andretti collapses; startup racing to raise tens of millions to continue operations.
Fast-charging battery developer StoreDot has announced the cancellation of its $800 million SPAC merger with Andretti Acquisition Corp. II. The decision to terminate the deal was made mutually after StoreDot was unable to secure the necessary funding to proceed with the transaction.
The merger, originally expected to close in the second quarter of 2026, encountered challenges when StoreDot failed to complete a planned private fundraising round of $30–50 million. This shortfall, combined with difficult market conditions, ultimately led to the collapse of the special purpose acquisition company (SPAC) transaction.
Financial Hurdles and Market Uncertainty
As part of the SPAC deal, StoreDot needed to secure a minimum cash injection to ensure sufficient liquidity post-merger. However, institutional investors were hesitant to commit funds during the uncertain financial environment of early 2026. Compounding this issue was the anticipated high redemption rate among SPAC shareholders, which would have left the company with insufficient resources to sustain operations after going public.
Uncertainty in the global automotive industry further exacerbated StoreDot’s challenges. According to Doron Myersdorf, the company’s CEO and co-founder, these issues have tightened financial conditions across the sector, making it difficult to complete the necessary fundraising. Despite the setbacks, Myersdorf remains optimistic. "I believe the company will be able to raise the required capital and avoid liquidation", he said.
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Independent Fundraising Efforts Underway
StoreDot is now shifting its focus to raising capital independently, with the goal of securing several tens of millions of dollars to continue operations. About a month ago, the Herzliya-based company laid off most of its employees, reducing its workforce to just a few dozen. The remaining staff is concentrating on maintaining existing projects and advancing the commercialization of StoreDot’s fast-charging electric vehicle battery technology.
A Decade of Innovation
Founded in 2012 by Doron Myersdorf, Prof. Simon Litsyn, and Prof. Gil Rosenman, StoreDot has spent over a decade developing its innovative battery chemistry, which is licensed to established manufacturers rather than produced in-house. The company has raised approximately $200 million to date, with investors including Roman Abramovich, the Wertheimer family, BP, Daimler, Samsung Ventures, GlenRock, Singulariteam, and TDK.
StoreDot last drew significant attention in 2022, when it raised $70 million in a Series D round at a valuation of $1.5 billion - highlighting the high expectations surrounding electric vehicle infrastructure and next-generation battery technologies at the time. The company's recent struggles, however, underscore the shifting financial landscape for startups in the automotive and clean energy sectors.
Future Uncertain, but Hopes Remain
Despite the collapse of the SPAC deal, StoreDot believes it can navigate the current challenges with its independent fundraising strategy. As the company works to secure new investments, its focus remains on advancing its fast-charging battery technology and maintaining its partnerships with manufacturers worldwide. Whether StoreDot can overcome these financial headwinds to deliver on its promise of revolutionizing electric vehicle batteries remains to be seen.
