The venture capital arm of BP has announced a $20 million investment in Tel Aviv-based StoreDot, a startup company that is currently developing battery technology which enables ultra-fast charging.
StoreDot is planning to apply this technology in electric vehicle battery packs, aiming at charging times that are comparable to the time spent to refuel a traditional vehicle with an internal combustion engine.
The so-called “flash batteries” are expected to first appear on mobile devices as early as 2019.
“Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, chief executive of BP’s downstream business. “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.”
The same company received a $60 million investment from Daimler’s trucking arm back in September. StoreDot claims their lithium-ion batteries are friendly to the environment and offer a total driving range of over 300 miles (500km) on a full charge.
The Israel-based startup company’s batteries use organic and inorganic compounds, as well as nanomaterials and are designed to replace existing technologies.
“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,” said Dr Doron Myerdorf, co-founder and CEO of StoreDot. “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.”