BP Invests $20 Million In EV Batteries That Can Be Fully Charged In Five Minutes

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.”

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  • Dr Strangefingger

    If they can develop a 5 minute flash recharge battery with decent range, I’m on board with EVs.

  • LWOAP

    If they could charge in under 5 minutes that would be nice and very practical for a lot of people as they won’t have to wait 30 minutes to over an hour or more just for their cars to be fully juiced up and ready to go. Now if they could get over 400+ mile range that would be another step in the right direction.

  • ace_9

    Another wanna be famous company trying to scam someone for money. Their statements say it all: 1. “a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system” – Milestone in STRENGTHENING something that does not even exist. 2. “enables faster implementation of ultra-fast charging stations” – Not that it will actually enable ultra-fast stations, it just enables FASTER implementation of something that does not exist, so yes, even by talking about it, they make the implementation faster than nothing. 3. “could allow a better charging experience” – Not that it will actually allow it, it just could. These are all carefully selected marketing (scamming) proclamations. The StoreDot will not develop anything even remotely close to mass produced car battery that can be fully charged within minutes and enabling range in hundreds of km. They are just going to consume some millions from investors and then they will say, they’ve succeeded with some pathetic small scale laboratory experiment. It is not even practical and sustainable to make stations capable of charging cars so quickly. But that’s another question.

  • smartacus

    because BP will need a write-off next time they file

  • JBsC6

    Worth a shot and if it pans out the world will be electric. At the very least a stepping stone to an electric future..

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