EXCLUSIVE: BP buys technology firm which can charge up battery-powered vehicles (BPVs) in  just 5 minutes for $20m

Graphic of the 5-minute BPV charger bought by BP
Graphic of the 5-minute BPV charger bought by BP

EXCLUSIVE by Scottish Energy News

BP has invested $20 million to buy-up an ultra-fast charging battery developer which is developing a re-charger which can power up battery-powered vehicles (BPVs) in just 5 minutes.

The Israel-based Store Dot developer uses lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets.

Using this technology, Store Dot 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.

The company expects first sales of its flash batteries for mobile devices as early as Spring 2019.

The number of BPVs worldwide is growing rapidly – albeit from a minute market share – and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth.

BP believes that ultra-fast BPV re-charging will be a key driver in accelerating the adoption of electric cars worldwide.

The oil giant presently has more than 70 BPV charge points on its petrol retail sites globally. Earlier this year, BP also invested $5 million in FreeWire Technologies, a manufacturer of mobile BPV rapid-charging units.

Tufan Erginbilgic, chief executive, BP Downstream, said: “Ultra-fast charging is at the heart of BP’s electrification strategy. StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank.

“With our growing portfolio of charging infrastructure and technologies, we’re excited by our opportunities to develop truly innovative BPV customer offers. We are committed to be the fuel provider of choice – no matter what car our customers drive.

David Gilmour, vice-president, business development, BP Ventures, added: “The technology to support BPVs is advancing rapidly and we are committed to identifying and investing in companies that we believe are at the cutting edge of this industry.

“Store Dot has shown significant progress in the development of ultra-fast charging, both in mobile phone and BPV applications.”

Meanwhile, a new energy start-up plans to “dot the UK with grid-scale 50MW batteries’ and rapid BPV charging stations at 45 filling station sites.

The new £1.6 billion plans from Pivot Power would provide 2 gigawatts (GW) of battery capacity – the equivalent of two-thirds of the installed capacity of the Hinkley Point C new nuclear plant, in a quarter of the time and at a fraction of the cost.

23 May 2018

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