BP invests in ultra-fast charging battery developer
An Israeli start-up that has developed an ultra-fast charging battery has secured a $20m (£14.8m/€16.9m) investment from BP Ventures.
Following its development of lithium ion-based battery technology for mobile and industrial applications, StoreDot is developing a new type of electric-car battery that could charge in the same time as it takes to refuel a car. First sales of the firm’s flash batteries for mobile devices are expected to start from next year.
The investment comes as BP seeks to keep pace with the transition away from petrol and diesel – the oil giant announced at the start of the year that it’s rolling out EV rapid chargers in Europe as well as investing $5m (£3.7m / €4.2m) in US mobile electric vehicle charging company FreeWire.
Tufan Erginbilgic, chief executive of BP’s Downstream business, 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.”