BP invests in Herzliya fast-charge firm
Technology targets electric vehicle battery charging in five minutes
Oil major BP said on Tuesday its venture capital fund invested $20 million in Herzliya firm StoreDot, which developed a battery system that could potentially charge an electric car in the amount of time it takes to fill a gas tank.
The investment, BP Ventures said, is part of a push to tap into the growth in electric vehicle technologies and infrastructure.
“Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, chief executive at BP downstream. “We are committed to be the fuel provider of choice – no matter what car our customers drive.”
Doron Myerdorf, co-founder and CEO of StoreDot, said working closely together with a global energy leader is a significant milestone in StoreDot’s direction of strengthening the electric vehicles ultra-fast charging eco-system.
“The combination of BP’s impressive presence and StoreDot’s eco-system of electric vehicles partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers,” he said.
David Gilmour, vice president, business development, BP Ventures, said the technology to support electric vehicles 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 ultrafast charging, both in mobile phone and vehicle applications,” he said. “BP looks forward to working alongside them, as an investor and strategic partner, to bring their technology from the lab to the vehicle.”
BP currently has more than 70 charge points on its retail sites globally.
StoreDot, which raised $60 million from Daimler in September, developed a super-fast charger for cellphones before expanding into automotives. The company says its lithium ionbased battery technology can fully charge an electric vehicle in five minutes.
StoreDot is aiming to bring its mobile phone batteries to market as early as 2019.