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BP Invests in Tech to Charge Cars as Quickly as Filling Gas Tank

May 22, 2018, 1:52 PM

BP Plc agreed to invest $20 million in a developer of ultra-fast charging for batteries, a technology the oil major believes is key for accelerating the adoption of electric vehicles.

The lithium ion technology developed by StoreDot has the potential to recharge a car battery as quickly as refilling a gas tank, according to a May 22 joint statement. The Israel-based firm’s “flash batteries” will be deployed in mobile devices as early as next year and BP’s investment will help bring them to vehicles.

London-based BP’s collaboration with StoreDot is the latest example of major oil producers backing technology ...