BP invests in ultra-fast charging battery company StoreDot

Release date:

24 May 2018

BP has announced a $20 million 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

BP Ventures invests $20 milion in developer of ultra-fast charging batteries, StoreDot
The investment targets five-minute charging time, comparable to filling up with a tank of fuel
StoreDot aims to transfer evolving fast-charging technology for mobile communications devices to vehicle batteries

BP has announced a $20 million 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 the growth of electric vehicles through the development of technologies and infrastructure.

The number of EVs worldwide is growing rapidly, but current charging time is a significant barrier to their wider adoption. We believe that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.BP’s Roy Williamson,AMU vice-president

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.

Ultra-fast charging is at the heart of BP’s electrification strategy. 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.

Tufan Erginbilgic,downstream chief executive

Co-founder and CEO of StoreDot, Dr. Doron Myerdorf, says working closely together with a global energy leader represents 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 says.

BP’s work on advanced mobility and fast and convenient EV charging networks, which includes venturing investments in both StoreDot and Freewire Technologies, a manufacturer of mobile EV rapid charging systems, supports customers who aim to reduce their emissions through EVs.The technology to support EVs is advancing rapidly and there could be some 300 million on the road in 2040 according to BP’s latest Energy Outlook.

David Gilmour, vice president, business development, says: “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.”