BP has unveiled a US$20m investment in ultra-fast-charging battery start-up company StoreDot, which is developing technology that could eventually see electric vehicle (EV) charging times fall to five minutes.
The investment is part of a series of deals struck by BP’s venturing arm alongside its advanced mobility unit (AMU), supporting the the growth of electric vehicles through the development of technologies and infrastructure.
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“The combination of BP’ presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and allows a better charging experience for drivers,” said Storedot co-founder and CEO, Doron Myerdorf.
BP’s work on mobility and fast and convenient EV charging networks, which includes venturing investments in both StoreDot and Freewire Technologies, a manufacturer of mobile EV rapid charging systems, supports customers who aim to reduce their emissions through EVs.
The technology to support EVs is advancing rapidly and there could be some 300m on the road in 2040 according to BP’s latest Energy Outlook.
“BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry,” added BP Ventures VP, business development, David Gilmour.
“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 partner, to bring their technology from the lab to the vehicle.”
StoreDot has already developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets.
Using the technology, StoreDot is developing a new type of electric-car battery which will aim to achieve charging in times comparable to refuelling a traditional car.
StoreDot expects first sales of its flash batteries for mobile devices next year.
