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BP to spend US$20 million on ultra-fast charging

The oil major will invest in StoreDot – an ultra-fast charging battery company

BP’s venturing arm, BP Ventures, has announced another strategic step in support of advanced electric mobility. The company will invest US$20 million in StoreDot, an ultra-fast charging battery company.

StoreDot has developed a lithium ion (Li-ion) battery technology that enables ultra-fast charging for the mobile and industrial markets. The company is also using this technology to develop a new type of EV battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car.

Dr. Doron Myerdorf, co-founder and CEO of StoreDot, said: “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. 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.”

The new announcement comes almost a week after the oil major signed a memorandum of understanding with NIO Capital for electric transportation in China. BP has shown a steady commitment to meet the demands of the growing EV market since the start of the year with its investment in FreeWire Technologies.

David Gilmour, vice-president, business development, BP Ventures, said: “The technology to support EVs is advancing rapidly and 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.”

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