British Petroleum invests $ 20 million for developing ultra-fast charging battery development

The investment is in the Israel-based battery technology developer, StoreDot, guarantees charging time as long as filling a conventional combustion car.

By Autocar Professional Bureau

23 May 2018

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BP has invested in StoreDot's battery that can charge in five minutes

British Petroleum Ventures, a division of British Petroleum (BP) has invested $ 20 million (Rs 136 crore) in an Israel-based ultra-fast charging battery developer, StoreDot. 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. StoreDot currently expects first sales of its flash batteries for mobile devices as early as 2019.

As part of its commitment to lower carbon emissions and greenhouse gas emissions, BP is improving its products and services to help customers lower their emissions, and create new low carbon businesses. BP’s work on advanced mobility and developing fast and convenient EV charging networks, including venturing investments in both StoreDot and Freewire Technologies, supports customers who aim to reduce their emissions through EVs.

Dr Doron Myerdorf, co-founder and CEO of StoreDot, said, “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.”

David Gilmour, vice president, business development, BP Ventures, said, “StoreDot has shown significant progress in the development of ultra-fast charging, both in mobile phone and vehicle applications. BP looks forward to working alongside them, as an investor and strategic partner, to bring their technology from the lab to the vehicle.”

BP currently has more than 70 charge points on its retail sites globally. In January 2018, BP invested $5 million (Rs 34 crore) 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.