May 22, 2018 / 9:45 AM / a month ago

BP invests in Israeli fast-charge battery company

JERUSALEM (Reuters) - Oil major BP (BP.L) said on Tuesday its venture capital fund invested $20 million in Israeli firm StoreDot, which developed a battery system that could potentially charge an electric car in the amount of time it takes to fill a gas tank.

FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo

The investment, BP Ventures said, is part of a push to tap into the growth in electric vehicle technologies and infrastructure.

“Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, chief executive at BP downstream. “We are committed to be the fuel provider of choice – no matter what car our customers drive.”

StoreDot, which raised $60 million from Daimler in September, developed a super-fast charger for cellphones before expanding into automotives. The company says its lithium ion-based battery technology can fully charge an electric vehicle in five minutes.

StoreDot is aiming to bring its mobile phone batteries to market as early as 2019.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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