BP Invests in Developer of Ultra-Fast Electric Vehicle Charging Battery
LONDON — BP is working across the supply chain to meet the future of mobility. It's BP Ventures division is investing $20 million in StoreDot, an ultra-fast charging battery developer for electronic vehicles (EVs).
Based in Israel, StoreDot's battery technology targets a five-minute charging time for EVs.
"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," said Tufan Erginbilgic, chief executive, Downstream at BP.
"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," he added.
According to BP, StoreDot 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.
StoreDot expects first sales of its flash batteries for mobile devices as early as 2019.
"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," said Doron Myerdorf, co-founder and CEO of StoreDot. "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."
This is not BP's first investment in EV charging. In January, BP Ventures invested $5 million in FreeWire Technologies Inc., a manufacturer of mobile rapid charging systems for electric vehicles. BP will roll out FreeWire's Mobi Charger units at selected BP retail sites in the United Kingdom and Europe during 2018.
In addition, BP currently has more than 70 charge points on its retail sites globally.
"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," explained David Gilmour, vice president, business development, BP Ventures.
"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," he added.
BP Ventures identifies and invests in private, high-growth, potentially game-changing technology companies, accelerating cutting-edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested more than $400 million in corporate venturing and has 42 active investments in its current portfolio.
BP Ventures' portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: advanced mobility, bio and low carbon products, carbon management, digital transformation and power and storage.