BP Invests $20 Million for 5-minute Fast Charging Batteries for Electric Cars

Published on: 23 May, 2018

British Petroleum Company (NYSE: BP) has invested $20 million in an Israeli start-up company by the name of StoreDot that claims its batteries can charge electric cars in just five minutes.

Additionally said on Tuesday, BP suggested its venture capital arm, BP ventures, was investing in the firm as it looks to minimize greenhouse gas emissions in its enterprise. At the start of the year, they invested $5 million in FreeWire, another start-up, that makes mobile electric car charging stations.

“Ultra fast charging at the heart of BP’s electrification strategy,” spoke Chief Executive of BP’s downstream business, Tufan Erginbilgic, in a statement on tuesday, “StoreDots technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.”

Daimlers trucking unit (DAI) contrived a $60 million investment with StoreDot in September last year. Storedot claims the batteries are ecologically friendly and can generate a travel distance of more than 300 miles after a full charge.

StoreDot developed an alleged “flash battery,” that is said to be a lithium-ion battery that can charge electric vehicles in the matter of minutes due to it being composed and powered by organic compounds and nanomaterials. They have hopes to create something similar for phone to charge in five minutes and wants it commercialized by 2019.

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Danny Abramov

Email: danny@financialinsiders.com

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