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BP invests $20 million in ultra-fast charging battery company StoreDot

BP has invested $20 million in ultra-fast charging battery company StoreDot

BP has invested $20 million in ultra-fast charging battery company StoreDot to support the technologies and infrastructure required to support the future growth in electric vehicles.

StoreDot has developed 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. It expects first sales of its flash batteries for mobile devices as early as 2019.

Tufan Erginbilgic, chief executive of BP downstream, said: “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.”

Dr Doron Myerdorf, co-founder and CEO of StoreDot, added: “Working closely together with a global energy leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system.

"The combination of BP’s impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers.”

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