BP Ventures announced Tuesday that the company will invest $20 million in StoreDot, an ultra-fast charging battery developer.
According to the announcement, the innovative battery technology aims to allow electric vehicle (EV) charging in just five minutes.
'BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide,' the company stated.
StoreDot has also developed a lithium ion-based battery technology, known as flash batteries, that enables ultra-fast charging for the mobile and industrial markets, which it aims to commercialize as early as 2019.
'Using this technology, StoreDot is also developing a new type of electric-car battery that aims to achieve a charging experience that is comparable to the time spent in refueling a traditional car,' the company said.
Tufan Erginbilgic, chief executive of BP's downstream sector, in a statement said that 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,' he said, adding that with the growing portfolio of charging infrastructure and technologies, BP is excited to develop truly innovative opportunities for EV customers.
'We are committed to be the fuel provider of choice – no matter what car our customers drive,' he said.
BP said it is committed to a lower carbon future, while aiming to reduce greenhouse gas emissions in its operations.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr