BP invests $20m in ultra-fast EV charging battery start-up

StoreDot is said to have developed a battery system that could potentially charge an EV in five minutes

BP is investing $20 million (£15m) in an Israeli start-up that develops ultra-fast charging battery for electric vehicles (EVs).

StoreDot is said to have developed a battery system that could potentially charge an EV in five minutes.

Tufan Erginbilgic, Chief Executive, Downstream said: “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.”

The company expects first sales of its “flash batteries” for mobile devices as early as 2019.

Earlier this year, BP Ventures invested in FreeWire Technologies, a manufacturer of mobile EV rapid charging systems.

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