Dealflow | May 24, 2018

BP Ventures backs StoreDot and its fast-charging battery technology

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, May 24 – The time it takes to charge electric vehicle batteries is a critical hurdle to scaling electric vehicle usage. The Tel Aviv-based venture is building electric vehicle batteries that can fully charge in five minutes.

The venture arm of British oil giant BP has invested $20 million in StoreDot, which has already developed “flash batteries” for mobile devices. BP Venture invested $5 million in another fast-charging battery startup, FreeWire Technologies, in January.

  • A gradual shift… BP plans to invest in more green energy technologies, while insisting that oil and gas will be required to meet the world’s energy demands “for decades.”