Early-stage Israeli companies REE and StoreDot were named two of the top 10 innovative companies for 2020 by BloombergNEF, Bloomberg’s primary research service.

REE, which has developed a flat, scalable and modular chassis for electric vehicles, and StoreDot, which has developed a new generation of lithium-ion batteries for speedy electric vehicle charging, were chosen for pursuing exciting opportunities and leading the transition to a low-carbon economy, according to BloombergNEF.

The two Israeli companies beat over 100 others from 24 companies and were selected for their potential to scale, their innovation and novelty and their strong commercial development.

“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.”

“As a pioneering technology company reinventing e-mobility, we are honored be recognized as a 2020 Pioneer by the BNEF experts,” he added.

Over at StoreDot, CEO Doron Myersdorf said that “we are incredibly proud to have been chosen as a BNEF Pioneer.”

“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.