BP invests £15m in ultra-fast charging battery developer

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UK energy giant BP today announced a £14.8million investment in an Israel-based developer of ultra-fast charging batteries.

It comes after BP chief executive Bob Dudley said the firm was focused on “the dual challenge of meeting growing global demand for energy while reducing greenhouse gas emissions”.

StoreDot is working on battery technology which could charge an electric vehicle in five minutes.

BP, which currently has more than 70 charge points on its retail sites globally, said the investment reflected the rapid global growth in the number of electric vehicles.

The company said it was keen to support technologies and infrastructure required to support the spread – and that ultra-fast charging would help accelerate electric vehicle adoption.

In January, it invested £3.7million in FreeWire Technologies, a manufacturer of mobile EV rapid charging systems.

Tufan Erginbilgic, BP’s downstream chief executive, said today: “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.”

Doron Myerdorf, co-founder and chief executive 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.

“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.”