BP Ventures invests $20 million to develop an ultra-fast charger

BP Ventures invests $20 million to develop an ultra-fast charger

By Energía16


The British oil company’s subsidiary BP Ventures is investing $20 million in an ultra-fast battery charger developer. For this project, it has joined Israel-based company StoreDot. According to BP, the battery has the capacity to charge an electric vehicle in just five minutes. In a press release, the company also indicated that StoreDot anticipated it will commercialize its flash battery for mobile devices in 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,” Chief Executive of the Downstream business Tufan Erginbilgic stated.

BP argues that the amount of EV units is rapidly growing worldwide. In this sense, the company is now working across the supply chain. With this, it strives to support the development of technologies and the infrastructure required to support this growth. The oil company is convinced that ultra-fast charging is the key to accelerating the adoption of EVs worldwide.

StoreDot has developed a lithium ion-based technology that enables ultra-fast charging for the mobile and industrial markets.

BP Ventures committed to reducing CO2 emissions

The British company affirms it is committed to a future with lower CO2 emissions. In fact, it aims to reduce GHG in its operations. Also, it plans to improve its products and services to help customers lower their emissions and create new low-carbon businesses.

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.”

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.”

The executive explained that StoreDot has shown significant progress in the development of ultra-fast charging, both in mobile phones and vehicle applications. BP hopes to work alongside them as an investor and strategic partner to take their technology from the lab to the vehicle.”

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