Fast-charging battery developer, StoreDot, gets $20m investment from BP

Wednesday, May 23, 2018 - 15:29
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The Herzliya-based company, which hopes to have a smartphone fast-battery charger on the market in 2019 is also developing a fast battery for cars.

Israeli ultra-fast lithium ion-based battery technology developer StoreDot has raised $20 million from BP ventures, the investment arm of British Petroleum (BP). Among the investors in StoreDot’s $60 million Series C financing round last September was Daimler and other previous investors include Roman Abramovich.

The Herzliya-based company has developed a technology which enables ultra-fast charging for the mobile and industrial markets. StoreDot currently expects first sales of its flash batteries for smartphones by 2019. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car.

StoreDot cofounder and CEO Dr Doron Myerdorf said, “Working closely together with a global energy leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system. The combination of BP’s impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers.”

BP Ventures VP business development David Gilmour said, “The technology to support EVs is advancing rapidly and BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry. StoreDot has shown significant progress in the development of ultra-fast charging, both in mobile phone and vehicle applications. BP looks forward to working alongside them, as an investor and strategic partner, to bring their technology from the lab to the vehicle.”

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