BP to invest $20 Million in Super-fast EV Batteries
22 May, 2018
StoreDot's Flash Battery is comprising of hundreds of EV unique cells that can store enough energy for up to 480 km range on a 5-minute charge
StoreDot from Herzeliya, Israel, announced a $20 million strategic investment made by BP Ventures. StoreDot has developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car. StoreDot currently expects first sales of its flash batteries for mobile devices as early as 2019.
StoreDot’s Flash Battery (photo above) is based on an innovative electrode structure containing proprietary organic polymers with Metal Oxide compounds of the cathode that trigger the redox reactions. This solution enables ions to flow from a modified anode to a modified cathode at a speed that is much faster than existing technologies. Together with a proprietary separator and electrolyte, this new architecture delivers a high current and low internal resistance.
Faster than Fossil Fuel
The result is an energy pack comprising of hundreds of EV flash battery cells that can store enough energy for up to 300 miles (480 km) range on a 5-minute charge. This translates to 60 miles of travel on a 1-minute charge. BP’s investments is aimed to strengthen the eco-system around the next generation of Electric Vehicle (EV) ultra-fast charging infrastructure.
“StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank,” said Tufan Erginbiglic, Chief Executive, BP downstream. “We are committed to be the fuel provider of choice – no matter what car our customers drive,” he said.
In September 2017, StoreDot had completed a $60 million round of financing led by the truck division of Daimler. The round also includes Lucion venture capital and participation of financial institutions from Israel and China, as well as existing investors such as Samsung Ventures and Norma Investments. In conjunction with the round, Daimler joins as a strategic partner to accelerate the adoption of the Flash Battery technology to the Electric Vehicles market.