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BP invests in ultra-fast charging battery company StoreDot

The number of electric vehicles (EVs) worldwide is growing rapidly, and to capitalise on this future BP Ventures invests USD 20 million in ultra-fast charging battery developer.
BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.

“Ultra-fast charging is at the heart of BP’s electrification strategy. 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. We are committed to be the fuel provider of choice – no matter what car our customers drive,” Tufan Erginbilgic, chief executive, Downstream (a BP business), in a press release.

StoreDot has developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car. The company currently expects the first sales of its flash batteries for mobile devices as early as 2019.

Dr Doron Myerdorf, co-founder and CEO of StoreDot, said: “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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August 20 2018 3:56 pm V10.1.0-1