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 ...