BP has committed €17mn to an investment in the ultra-fast battery charging company StoreDot.
The energy giant released a statement on Tuesday confirming its new stake in the Israeli firm, which has established itself in the market through the development of lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets.
According to StoreDot, it is now using this technology to develop an electric car battery that can be fully charged in a similar timeframe to what it takes to fill up with fuel.
BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth, believing that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.
"Ultra-fast charging is at the heart of BP’s electrification strategy," said its CEO for Downstream, Tufan Erginbilgic. "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. We are committed to be the fuel provider of choice – no matter what car our customers drive."
Dr Doron Myerdorf, co-founder and CEO of StoreDot, added: "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."