StoreDot Scores $20 Million Investment from BP for Ultra-Fast Charging Battery

Israeli-based StoreDot recently managed to secure a $20 million investment from BP, a British Oil company. Last year, the startup boasted the world’s fastest-charging polymer-based battery. Among those interested in StoreDot’s battery is Daimler, who invested $60 in R&D.

StoreDot Said Battery Would Hit the Market Next Year

On Tuesday, Tufan Erginbilgic, BP’s CEO, announced that the UK-based oil company is planning on investing $20 million in StarDot’s revolutionary ultra-fast charging battery.

Based on Erginbilgic’s projections, all lithium-ion batteries will be replaced with StoreDot’s batteries in 2030.

Meanwhile, a StoreDot spokesperson declared that with BP’s investment the company would finally be able to greenlight mass production.

StoreDot plans on making the battery commercially available as soon as Q1 2019. More than that, according to the company, the first pieces to hit the market are designed to power smartphones.

As the company’s spokesperson declared, ultra-fast charging battery developed by StoreDot is based on “synthesized organic molecules of non-biological origins” (polymers). Traditional lithium-ion batteries use metal oxides to power various electrical devices.

Ravi Manghani, GTM Research’s senior director of energy storage, declared that StoreDot’s using polymers instead of metal oxides is a huge step forward since the ultra-fast charging battery improves on energy density while relying less on cobalt and nickel.

Last year, the company demonstrated how the battery works in front of the investors. The demo revealed that a StoreDot battery designed for electric vehicles could be charged in five minutes, with an autonomy of 300 miles.

The investors were apparently so taken aback by StoreDot’s novel battery that Daimler invested $60 million in the concept.

Conclusion

Bear in mind that the Israeli-based startup isn’t the only company tinkering with ultra-fast charging solutions.

At the beginning of the year, Ionic Materials, a Massachusetts-based tech company led by Mike Zimmerman, Ph.D., proposed a similar polymer-based battery.

The project apparently caught the attention of the Renault-Nissan-Mitsubishi Alliance, which invested a considerable amount.

Image courtesy of StoreDot

Leave a Reply

Your email address will not be published. Required fields are marked *