BP has invested $20 million in Israel’s StoreDot, a start-up that claims its batteries can charge electrics cars in five minutes.
The oil giant said Tuesday that its venture capital arm BP Ventures was investing in the Tel Aviv-based firm as it looks to reduce greenhouse gas emissions in its operations.
“Ultra-fast charging is at the heart of BP’s electrification strategy,” Tufan Erginbilgic, chief executive of BP’s downstream business, said in a statement on Tuesday. “StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.”
Daimler’s trucking unit led a $60 million investment in StoreDot in September last year. StoreDot claims the batteries are eco-friendly and can allow an electric vehicle to travel for more than 300 miles after a full charge.