At least a couple of the oil giants see the handwriting on the garage wall, and are taking some baby steps toward the electric future. BP has installed over 70 EV charging stations at retail sites in several countries. It has also invested $5 million in FreeWire, a manufacturer of mobile EV charging systems, and signed an MOU with China’s NIO Capital to “explore opportunities in advanced mobility.”

Now BP Ventures has invested $20 million in StoreDot, which is developing a new battery technology that it hopes will enable EV charging in as little as 5 minutes. The company hopes to bring a “flash battery” for consumer electronics to market by 2019.

“Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, Chief Executive of BP Downstream. “StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank. We are committed to be the fuel provider of choice – no matter what car our customers drive.”

“The combination of BP’s impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations,” said Dr. Doron Myerdorf, CEO of StoreDot.

Source: BP