BP Backs Quick-Charging Battery Startup StoreDot

BP Ventures, the venture capital arm of multinational oil and gas company BP PLC, has invested $20 million in Israel-based quick-charging battery startup StoreDot Ltd., the companies announced Tuesday.

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StoreDot develops fast-charging batteries for mobile phones, tablets, and laptops, as well as for electric vehicles. According to StoreDot, their flash battery technology for lithium-ion batteries enables a charging time of five minutes.

Founded in 2012 and headquartered in Tel Aviv suburb Herzliya, StoreDot aims to commercialize its flash battery for mobile communication devices in 2019. In March, StoreDot announced it signed a strategic partnership with Tokyo-headquartered TDK Corporation to develop a fast-charging mobile battery.

In September 2017, Daimler AG led a $62 million funding round for the company. StoreDot raised more than $138 million to date, from investors including Samsung Ventures, Norma Investments, Lucion Venture Capital, and TDK. BP Ventures invests in and accelerates companies across the energy sector, in fields including oil and gas exploration and production, advanced mobility, and bio and low-carbon products. BP Ventures invested over $400 million since 2006, and has 42 active investments in its portfolio.

“Ultra-fast charging is at the heart of BP’s electrification strategy,” Tufan Erginbilgic, chief executive of BP Downstream, said in a statement. “StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.”