The venture capital arm of multinational oil and gas conglomerate BP has announced that it will invest $20m into a Tel-Aviv-based startup that is developing battery technology which enables ultra-fast charging.

StoreDot is focusing its effort on applying this technology to electric vehicle battery packs. The momentum towards electrification globally continues to increase and the Israeli-firm sees huge potential within the electric sector.

The startup has outlined its main objective with the battery technology and that is centered on charging times. The ambitious company aim to get charging times to be comparable to that of refueling a traditional vehicle with an internal combustion engine.

The technology entitled ‘flash batteries’ are expected to be commercially available on mobile devices as early as 2019. CEO of BP’s downstream business, Tufan Erginbilgic said StoreDot’s technology resonated with BP and complements its electrification strategy perfectly.

The CEO said, “Ultra-fast charging is at the heart of BP’s electrification strategy,” said Tufan Erginbilgic, chief executive of BP’s downstream business. StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank. With our growing portfolio of charging infrastructure and technologies, we’re excited by our opportunities to develop truly innovative EV customer offers.”

This latest injection of capital comes on the back of $60m investment made by German manufacturer Daimler for its trucking arm in September. StoreDot claims their lithium-ion batteries are friendly to the environment and offer a total driving range of over 300 miles (500km) on a full charge.

Dr. Doron Myerdorf, co-founder and CEO of StoreDot, “Working closely together with a global energy leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system. The combination of BP’s impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for drivers.”