BP investment in Israeli ultra-fast charging is central to the proposed company's electrification strategy

Oil giant BP said recently that its venture capital fund had invested $20 million in the Israeli company Store-Dot. Store-Dot 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, Store-Dot raised $60 million from Daimler to develop an ultra-fast charger for mobile phones before expanding into the automotive sector. Store-Dot says its lithium-ion battery technology can charge electric cars in five minutes.

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