BP invests 20 million dollars into battery specialist StoreDot
Following Daimler and several other companies, BP has now also invested in the Israeli battery developer StoreDot and their FlashBattery technology for electric vehicles. BP’s minor change of course will cost them a cool 20 million.
StoreDot develops traction batteries for electrified vehicles, which are reportedly chargeable in only a few minutes. These so-called “FlashBatteries” will be ready for the market in mobile form by next year, according to the manufacturers.
BP is the most recent in a row of investors. In September 2017, StoreDot managed to raise 60 million dollars in a financing round, which included backers such as Lucion VW, as well as local and Chinese financial institutions, next to Samsung and Roman Abramovich, who had already invested previously. Daimler joined the investors at this point as well, and has taken over as a strategic partner since then and joined the board of directors for this purpose. Daimler’s stated goal was to drive the market development of the technology. Future FUSO eCanter generations would be a good beneficiary for the technology. How the FlashBattery works is explained in the following video:
BP is generally playing with the idea of opening their doors to e-mobility: In August 2017 CEO Bob Dudley announced that it was feasible to add EV charging stations at BP fuel stations around the world. The current BP charging network is still in its fledgling stages, with 70 locations set up.
The company is also clearly open to cooperation and investment, as BP also signed another statement of intentions with the Chinese Nio Capital this month. In the statement, cooperation possibilities surrounding advanced mobility are outlined. BP also invested 5 million dollars in FreeWire Technologies earlier this year, which produces mobile fast charging systems for EVs. BP is planning on testing their Mobi Charger at selected locations in Europe over the year.
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