BP Ventures is investing $20 million in ultra-fast charging battery developer StoreDot. The company has developed a lithium-ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets.
Using this technology, StoreDot is also 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. StoreDot currently expects first sales of its flash batteries for mobile devices as early as 2019.
The number of electric vehicles (EVs) worldwide is growing rapidly and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth. The company believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.
BP is working on advanced mobility and developing fast and convenient EV charging networks, which includes investments in both StoreDot and Freewire Technologies, another company in which BP has invested $5 million. FreeWire a is manufacturer of mobile rapid charging systems for electric vehicles.