Oil major BP (NYSE: BP) said on May 22 its venture capital fund invested $20 million in Israeli 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,” Tufan Erginbilgic, BP downstream’s CEO, said. “We are committed to be the fuel provider of choice—no matter what car our customers drive.”
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 ion-based 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.
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