BP Invests $20M In Ultra-Fast Electric Car Charger

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Kyle Perisic Contributor
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BP announced on Tuesday it is investing $20 million in an ultra-fast electric car charging company, StoreDot, which claims it can charge a car in five minutes.

“Ultra-fast charging is at the heart of BP’s electrification strategy,” BP’s Downstream Chief Executive Tufan Erginbilgic said in a statement Tuesday.

The companies hope they will be able to charge an electric car in the same amount of time that it takes to fill up a car’s gas tank. StoreDot raised $60 million from Daimler AG in September to use the technology it developed for phone batteries to use in electric vehicles. (RELATED: BP Bounce Back Continues As Profits Jump 71 Percent)

StoreDot, an Israeli-based startup, said it is “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 a charging time of five minutes,” in a statement Tuesday, claiming it has demonstrated a proof of concept.

“StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank,” Erginbilgic said. “With our growing portfolio of charging infrastructure and technologies, we’re excited by our opportunities to develop truly innovative [electric vehicle] customer offers. We are committed to be the fuel provider of choice – no matter what car our customers drive.”

StoreDot also says it wants to put a commercial product to charge mobile phones in five minutes in the market by 2019.

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