Petroleum producer BP supplied $20m in funding for Israel-based advanced battery technology developer StoreDot on Tuesday through its strategic investment subsidiary, BP Ventures.
StoreDot has developed lithium-ion battery technology that facilitates rapid recharging, and it aims to begin selling mobile device batteries in 2019.
The company is also working on a battery for electric vehicles based on the technology that is intended to make the recharging process for cars comparable to the amount of time it takes to fill a fuel tank with petrol.
The deal took StoreDot’s total equity financing to $146m since it was founded in 2012. Its last funding was a $60m round in September 2017 led by Daimler Trucks, a subsidiary of automotive manufacturer Daimler, that reportedly valued it at $500m.
Samsung Ventures, the corporate venturing arm of consumer electronics manufacturer Samsung, and Norma Investments also took part in the 2017 round, having previously joined VC fund Singulariteam for the company’s $18m series C in 2015.
StoreDot’s earlier investors include cybersecurity technology provider Nation-E, Genesis Angels and angel investor Stef Wertheimer, all of which backed its $6m series A round in 2013. BP invested in another rapid-charging technology developer, FreeWire, in January this year.
Doron Myerdorf, StoreDot’s co-founder and CEO, said: “Working closely together with a global energy leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging ecosystem.
“The combination of BP’s impressive presence and StoreDot’s ecosystem of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers.”
– Image courtesy of StoreDot.