British oil giant BP invests $20M in Israeli startup StoreDot

British oil giant BP invests $20M in Israeli startup StoreDot

British energy company BP has announced that it is investing an amount of $20 million in Israeli startup StoreDot which is known in the battery world for its ‘ultra-fast charging battery.’

The announcement implies that StoreDot, which is already getting support from some big automobile companies, has secured another significant investment. In 2017, StoreDot had secured a substantial $60 million funding round led by prominent automaker Daimler.

The backing which StoreDot is getting from renowned companies is noteworthy, especially in the wake of the fact that it is difficult to ascertain the credibility of new battery technologies without hard data.

In announcing BP’s $20 million investment in StoreDot, David Gilmour -- BP Ventures’ Vice President of Business Development -- highlighted StoreDot’s “significant progress” in developing ultra-fast charging technology for mobile phones and vehicle applications. Gilmour said that BP will be a StoreDot investor and strategic partner, and will help the Israeli startup bring its technology “from the lab to the vehicle.”

Gilmour also stated that the technology to support electric vehicles (EVs) is showing a rapid advancement in recent times, and added: “BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry.”