BP invests $20 million in batteries that can charge electric cars in five minutes

CNBC
Updated
BP said its venture capital arm was investing in Tel Aviv-based StoreDot as it looks to reduce greenhouse gas emissions in its operations.

BP (BP.-GB) 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.

StoreDot develops so-called "flash batteries," lithium-ion batteries that it says can charge electric vehicles in a matter of minutes. The batteries are powered by organic compounds and nanomaterials.

StoreDot is developing similar technology to charge mobile phones in five minutes. The firm wants to commercialize that product by 2019.

BP's venture arm invested $5 million in FreeWire , a start-up that makes mobile electric car charging stations, at the start of the year.