BP Invests $20M in Tech to Charge EVs in 5 Minutes
“We are committed to be the fuel provider of choice—no matter what car our customers drive.” JULIA PYPER
StoreDot plans to deploy the technology in mobile devices next year.
Photo Credit: StoreDot
BP announced Tuesday it plans to invest $20 million in StoreDot
“Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, chief executive of BP downstream, in a statement. “StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.”
StoreDot is currently developing lithium ion-based battery technology that enables super-fast charging for both mobile and industrial markets. The startup demonstrated a proof of concept for 5-minute EV charging last year, showing investors how its new organic compounds combined with nanomaterials are implemented in the battery cell.
The firm’s new “flash batteries” are currently in the advanced stages of development. StoreDot plans to deploy the technology in mobile devices as early as next year. BP’s investment will help bring the technology to vehicles.
StoreDot claims its batteries contain an eco-friendly electrolyte that’s stable at high temperatures and allows an EV to travel for more than 300 miles on a single charge. The promise of StoreDot’s technology recently caught the eye of Daimler’s truck and buses unit, which led a $60 million investment in StoreDot in September of last year.
StoreDot’s “flash battery” departs from traditional lithium-ion batteries in the active materials it uses, according to Ravi Manghani, senior director of energy storage at GTM Research. Typical lithium-ion batteries use metal oxides, whereas StoreDot is commercializing the use of polymers.