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 supporting the growth of EVs 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.