Oil giant BP has announced that it will invest $20m (£14.8m) in StoreDot, a company which is in the process of developing batteries for electric vehicles (EVs) that will take the same time to recharge as refuelling a normal petrol car.
The investment in the Israeli battery company is part of BP Venture's effort to expand its presence in the EV infrastructure sector.
Tufan Erginbilgic, chief executive of BP downstream, said: “Ultra-fast charging is at the heart of BP's electrification strategy. StoreDot's technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.
“With our growing portfolio of charging infrastructure and technologies, we're excited by our opportunities to develop truly innovative EV customer offers.”
The company received $60m from Mercedes-Benz owner Daimler in September of last year to develop ultra-fast mobile charging technology using lithium ion batteries which will on the market in 2019.
Doron Myerdorf, co-founder and chief executive of StoreDot, 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.”
“The combination of BP's impressive presence and StoreDot's eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers.”