StoreDot Ltd., a nanotechnology and fast charging energy-storage technology pioneer announces a strategic investment from BP.
Herzeliya, May 22, 2018 – StoreDot Ltd today announces a strategic investment in the company from BP. The strategic investment will see StoreDot and its partners join forces with BP to strengthen the eco-system around the next generation of Electric Vehicle (EV) ultra-fast charging infrastructure.
“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,” said Tufan Erginbiglic, Chief Executive, BP downstream, said. “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.”
StoreDot’s lithium ion-based battery technology 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, with a charging time of 5 minutes. First sales of its flash batteries for mobile devices are expected as early as 2019.
“The technology to support EVs is advancing rapidly and BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry,” said David Gilmour, Vice President, Business Development, BP Ventures. “StoreDot has shown significant progress in the development of ultra-fast charging, both in mobile phone and vehicle applications. BP looks forward to working alongside them, as an investor and strategic partner, to bring their technology from the lab to the vehicle.”
“Working closely together with a global energy business leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system. The combination of BP impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for EV drivers,” concludes Dr. Doron Myersdorf, Co-Founder and CEO of StoreDot.
About StoreDot:
StoreDot Ltd. is a battery and materials innovation leader, developing groundbreaking technologies based on a unique methodology for the design and synthesis of both organic and inorganic compounds. Designed to replace known technologies with enhanced electro-chemical properties, StoreDot's proprietary compounds, combined with nano-materials, are optimized for various ultra-fast charging battery applications including mobile devices and electric vehicles.
About BP Advanced Mobility Unit:
BP’s Advanced Mobility Unit has been set up to build material, sustainable businesses for BP’s Downstream business in a low carbon, digitally enabled future. Responding to new and disruptive trends in mobility, including electrification of transport, autonomous vehicles and changing ownership patterns, the team looks for options beyond Down stream’s core business and explores ways that BP can leverage its assets, capabilities and brands through new partnerships and business models.
About BP Ventures:
BP Ventures identifies and invests in private, high growth, game-changing technology companies, accelerating cutting edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested over $400 million in corporate venturing and has 42 active investments in its current portfolio.
BP Ventures’ portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: bio & low carbon products, carbon management, power & storage, advanced mobility and digital transformation.
For more information about BP Ventures’ activities in Israel please contact Yoni Dolgin, advisor to BP Ventures in Israel, on yoni@alforiag.com
For more information about StoreDot, please contact Incus Media, on StoreDot@incus-media.com.
