BP Expanding Into Electric Vehicle Battery Charging

BP is multinational oil and gas company, headquartered in London, England. BP, like Royal Dutch Shell, Total and ExxonMobil is continuing to expand into a broad range of green energy businesses. BP has already invested in biofuels, wind farms and solar parks.

BP is now investing in technology to support the growth of electric vehicles (EVs) around the world. BP Ventures, as subsidiary of BP has invested US $ 20 million in StoreDot. StoreDot develops and provides new generation batteries and supercapacitors and is headquartered in Ramat-Gan, Israel. StoreDot has recently developed a lithium ion-based battery system which provides high speed charging for electric vehicle (EV) batteries.

BP’s investment is consistent with their corporate strategy of being the fuel provider of choice, no matter what car the customer drives. David Gilmour, vice president, business development, BP Ventures, said: “The technology to support EVs is advancing rapidly and BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry.

Energy companies, like BP, Royal Dutch Shell, ExxonMobil and Total are now joining automobile companies in Asia, Europe and the United States and technology companies like Alphabet, Microsoft, Apple and Tesla in the development of new technology for EVs. In my opinion, the financial and technology expertise of these companies will hasten the day more EVs are purchased in one year in the United States, than vehicles with combustion engines.

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