BP has invested $20 million in Israel’s StoreDot, a start-up that develops lithium-ion batteries that can charge electrics cars in five minutes.
The number of electric vehicles worldwide is growing rapidly and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth. BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.
“Ultra-fast charging is at the heart of BP’s electrification strategy. StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank. With our growing portfolio of charging infrastructure and technologies, we’re excited by our opportunities to develop truly innovative EV customer offers. We are committed to be the fuel provider of choice – no matter what car our customers drive,” Tufan Erginbilgic, chief executive of BP’s downstream business, said in a statement on Tuesday.
StoreDot has developed so-called “flash batteries,”a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car. StoreDot currently expects first sales of its flash batteries for mobile devices as early as 2019.
Daimler led a $60 million investment in StoreDot in September last year.
In January 2018, BP invested $5 million in FreeWire Technologies, a manufacturer of mobile EV rapid charging systems. On 10 May, BP signed an MOU with China’s NIO Capital to explore opportunities in advanced mobility.