BP Invests In StoreDot – Firm Promises Charging As Quick As Fueling

MAY 22 2018 BY MARK KANE 10

BP Ventures, the investment arm of the oil major BP, invested $20 million in Israeli-based StoreDot, which promises batteries capable of ultra-fast charging in 5-minutes.

StoreDot has been hinting at its breakthrough batteries for several years now (see news from 2015 and from 2017), and finally this year is securing some serious money.

Earlier this year, Daimler, some Chinese banks, as well as an existing investor – Samsung Ventures, and new ones like TDK Corporation, together invested roughly $60 million in the company.

StoreDot

“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.”

StoreDot announced that in 2019 it will introduce the flash batteries for mobile devices. We assume that electric cars will require more time to commercialize.

Read Also – Tesla Panasonic Quietly Outmaneuver All Lithium Battery Manufacturers

BP seems to be interested especially in the ultra-fast charging of cars at its gas stations.

“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.”

Tufan Erginbiglic, Chief Executive, BP said:

“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. 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.”

David Gilmour, Vice President, Business Development, BP Ventures said:

“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. 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.”

Dr. Doron Myersdorf, Co-Founder and CEO of StoreDot concludes:

“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,”.

Source: StoreDot, Reuters

Categories: Battery Tech, Charging

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10 Comments on "BP Invests In StoreDot – Firm Promises Charging As Quick As Fueling"

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.. I used about 40 seconds the last time I filler the tank.. will be hard to beat that.
Can they not be happy with just saying it will be quick?
EVs have home charging over night, and soon wireless charging when parked. That is easy, and convenient.

I used about 5 seconds last time I charged my car. About 2.5 seconds at night and another 2.5 seconds in the morning. Charging times are fast enough. Also, I did not have to drive to a gas station.

The problem is its a double standard. Tesla fans will say the supercharger network is the best thing since sliced bread. And no other manufacturer has anything like it. Yet here we are again saying most charging is done at home, so the supercharger network while nice isn’t important to EV adoption.

So, if fast charging is important, then anything that speeds it up is important to the adoption of EV’s by the general public.

I have a Bolt, and it is capable of doing all but the once or twice a year medium long-range trip I might take, without charging away from home. If there is infrastructure in place when that time comes, I’ll take the Bolt. If not, we have a Silverado that can be gassed anywhere…..it’ll just cost $0.15/mile versus the $0.02/mile charging at home would cost.

I’ve never charged anywhere but home, so I don’t have a frame of reference for charging on the road. I’m under the impression that DCFC will compete with gasoline pricing since the Charging Equipment owner/operators will need to actually make a profit to stay in business. Time will tell.

It’s important to understand that an average of 95%+ of yearly charging done by EV owners is done at home. But that 5% represents the few trips per year that require DCFC, and it’s absolutely imperative to have reliable ultra fast DCFC infrastructure coverage to enable total freedom of travel for EVs. Electric vehicles aren’t going to appeal to a lot of people if they are limited in travel. Tesla has shown us very well the significance of a reliable ultra fast charge network.

I saved about 20 min last night by charging at home. Can a gasser beat that?

We’ve had fast charging batteries, e.g. lithium titanate, for a while now. So far, fast charging has meant lower energy, and that’s not a trade off that people want.

The dual carbon battery was suppose to do this, have not heard about them since.

The really good thing is that there are now finally 150-350 kW DC fast chargers by ABB and others that are on the market, ready to be installed for many good years of use.

Their battery was three years away four years ago for a cellphone. We aren’t using those batteries yet. I remain skeptical.