Oil giant BP said recently that its venture capital fund had invested $20 million in the Israeli company StoreDot. StoreDot has developed a battery system that can charge electric cars for the same time as a gas tank.
The investment is part of a push for technology and infrastructure development for electric vehicles, according to BP Ventures.
"Ultra fast charging is at the heart of the company's electrification strategy," said Tufan Erginbilgic, chief executive of BP's downstream industry. We are committed to being the preferred fuel supplier, no matter what kind of car our customers drive. "
Last September, StoreDot raised $60 million from Daimler to develop an ultra-fast charger for mobile phones before expanding into the automotive sector. StoreDot says its lithium-ion battery technology can charge electric cars in five minutes.
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