BP Invests In Ultra-Fast Charging Company StoreDot

BP Ventures invests $20 million into an ultra-fast-charging battery developer called StoreDot that targets a battery for electric vehicles that charges in just 5 minutes. The goal is to commercialize a flash battery for mobile communication devices as early as 2019 followed by an EV battery.

The EV progression’s numbers are growing rapidly and many petroleum companies are trying to make sure they are not left out of the emerging industry. It seems BP has come to the same conclusion as most of us did about ultra-fast charging and will focus on it in order to accelerate EV adoption globally. 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 amount time it takes to fill a gas tank. With the growing portfolio of charging infrastructure and technologies, BP saw an opportunities to develop truly innovative EV customer offers. They want to position themselves as the fuel provider of choice — no matter what car the customers drive.

So far StoreDot’s technology has product just for the mobile and industrial markets. The company is now developing its next battery as an ultra-fast charging one for EVs. These EV batteries will charge in approximately as much time as it would take to refuel a gas car.

BP has over 70 charge points at its retail sites globally and has been investing here and there in cleantech companies. This includes a January 2018, $5 million investment in mobile EV rapid charging systems FreeWire Technologies.