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BP Invests in EV Battery

Author: Source: Datetime: 2018-05-23 12:24:06
Due to its commitment to a low-carbon future, BP announced that it has spent US$20 million to invest in the development of StoreDot Co., Ltd., a lithium-ion battery technology that enables ultra-fast charging of electric vehicles (EVs).

BP stated in its press release that the company is working on the entire supply chain to support the development of technology and infrastructure to support the growth of the electric vehicle market. The company believes that ultra-fast charging will become the key to accelerating the universal adoption of electric vehicles.
BP Invests in EV Battery
"Ultrafast charging is at the heart of BP's electrification strategy. StoreDot's technology shows the true potential of a car battery that can be charged while filling a gas tank," said Tufan Erginbilgic, CEO of BP Downstream. "With our growing charging infrastructure and technology portfolio, we are excited about the opportunity to develop truly innovative electric vehicle user products. We are committed to being the preferred fuel supplier - whatever cars our customers drive."

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Israel-based StoreDot is using its battery technology for the mobile and industrial markets to develop new types of electric vehicle batteries, the goal of which is to charge quickly to accelerate the charging of traditional cars. StoreDot currently expects to first sell flash memory devices for mobile devices as early as 2019.

“Donor Myerdorf, Co-Founder and CEO of StoreDot, said:” Working closely with global energy leaders is an important milestone for StoreDot to strengthen its ultra-fast charging ecosystem for electric vehicles. "The combination of the outstanding performance of BP and the ecosystem of StoreDot's electric vehicle partners makes it possible to achieve ultra-fast charging stations faster and provide drivers with a better charging experience."

BP is investing in StoreDot through BP Ventures, which has invested more than $400 million in corporate venture capital investment since 2006 and has 42 active investments in its current portfolio. BP Ventures' portfolio focuses on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, the strategy focuses on five areas: advanced liquidity, bio and low-carbon products, carbon management, digital transformation, and electricity and storage.

BP currently has more than 70 toll points on its global retail website. In January this year, the company invested $5 million in FreeWire Technologies, a manufacturer of mobile electric vehicle fast charging systems.
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