LONDON (Alliance News) - BP PLC on Tuesday announced it has invested USD20 million in Israel's StoreDot, a "ultra-fast charging battery developer".
According to the UK oil major, StoreDot's innovative battery technology can charge electric vehicles in five minutes. StoreDot aims to commercialize its flash battery for mobile communication devices as early as 2019.
"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," said Tufan Erginbilgic, chief executive for Downstream at BP.
BP said it believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.
Doron Myerdorf, co-founder & chief executive officer 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."
BP (BP.)