BP Ventures Invests $20M In Ultra-Fast Charging Battery Developer StoreDot

May 23, 2018 | BP Ventures, the venture capital arm of British multinational oil and gas company BP, announced that it was investing $20 million in the Israeli startup StoreDot, which develops fast-charging batteries for mobile devices, electric vehicles and next-generation LCD displays. In a press statement, the company said that BP was specifically focused on “working across the supply chain to support the development of the technologies and infrastructure” required to support the growth of electric vehicles. “BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide,” it said. StoreDot has been working since 2012 to develop ultra-fast charging technologies, starting with a smartphone solution, based on lithium ion-based batteries. Using this tech, StoreDot has been 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,” with the company expecting first sales of its flash batteries for mobile devices as early as 2019.” Tufan Erginbilgic, chief executive of BP’s Downstream segment said, “Ultra-fast charging is at the heart of BP’s electrification strategy,” and “StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.” He added that BP was looking “to develop truly innovative EV customer offers,” and was “committed to be[ing] the fuel provider of choice – no matter what car our customers drive.” Co-founder and CEO of StoreDot Dr Doron Myerdorf 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.” David Gilmour, VP of business development at BP Ventures, said BP Ventures was “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.” Last year, Storedot raised $60 million in a funding round led by automotive giant Daimler Trucks.