British Petroleum (BP) announced today that it has invested $20 million in the ultra-fast charging battery developer StoreDot.
StoreDot, which is headquartered in Israel, has developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Its innovative battery technology targets electric vehicle charging in five minutes.
Besides, the company plans to market its flash battery for mobile communication devices as early as 2019 under an strategical alliance with TDK.
BP’s work on advanced mobility and developing fast and convenient EV charging networks, including venturing investments in both StoreDot and Freewire Technologies, supports customers who aim to reduce their emissions through EVs.
BP currently has more than 70 charge points accross its retail sites globally. In January 2018, the British energy multinational invested $5 million in FreeWire Technologies, a manufacturer of mobile EV rapid charging systems. Last 10 May, BP signed an MOU with China’s NIO Capital to explore opportunities in advanced mobility.
“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 at BP) said.
The number of electric vehicles (EVs) worldwide is growing rapidly and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth. BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.
Doron Myerdorf (co-founder and CEO of StoreDot) underscored: “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.”
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.”
Leaving aside the investments by BP Ventures, the British energy multinational has set up the BP Advanced Mobility Unit. It is aimed to build sustainable businesses for BP’s Downstream in a low carbon, digitally-enabled future.
The team looks for options beyond the Downstream’s core businesses and explores ways that BP can leverage its assets, capabilities and brands through new partnerships and business models taking into account the new and disruptive trends in mobility, including electrification of transport, autonomous vehicles and changing ownership patterns.
Imagen sobre el titular.- StoreDot ultra-fast charging battery for EV. © StoreDot.
