BP has announced a $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 growth of electric vehicles through the development of technologies and infrastructure.
StoreDot has already developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets.
Using this technology, StoreDot is developing a new type of electric-car battery that will aim to achieve charging in times comparable to refuelling a traditional car.
StoreDot currently expects first sales of its flash batteries for mobile devices as early as 2019.
Co-founder and CEO of StoreDot, Doron Myerdorf, said working closely together with a global energy leader represented a significant milestone in StoreDot’s strengthening of the EV ultra-fast charging eco-system.
“The combination of BP’s impressive 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,” he said.
According to BP’s latest Energy Outlook, the technology to support EVs is advancing rapidly and there could be some 300 million on the road in 2040.
David Gilmour, vice president, business development, said: “BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry
“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.”