Factory Produces EV Batteries That Can Be Fully Charged in Five Minutes

The journey toward electrifying the roads is well underway, but one major issue that has consistently stood in the way of widespread electric vehicle (“EV”) adoption is charging. Not only is the current network of public-charging stations barely enough to support the increasing numbers of electric vehicles, but recharging an EV takes much longer than refueling a petrol or diesel vehicle. To solve this problem, EV makers, automakers and battery companies have been working on fast-charging technology that can recharge a battery in as little as 10 minutes without damaging it.

StoreDot, an Israeli lithium-ion battery company has developed lithium-ion (li-ion) batteries that can be fully charged in as few as five minutes. Manufactured on standard production lines by Eve Energy in China, these fast-charge batteries are a big step towards building EVs that can charge as fast as a conventional petrol or diesel car can refuel. Although authorities have gone to great lengths to make EVs more affordable and to increase the number of public charging stations, range anxiety remains a primary concern among most drivers, says StoreDot CEO Doron Myersdorf.

StoreDot has raised $130 million to date, with Daimler, BP, TDK and Samsung investing in the company, which in 2020 was named a Bloomberg New Energy Finance Pioneer. The Israeli company has now produced 1,000 batteries via Eve Energy to showcase its fast-charging technology to car makers and other interested companies. However, many more high-powered chargers would be needed to fully charge the batteries in just five minutes. StoreDot is looking to deliver at least 100 miles of charge using available charging infrastructure by 2025.

Although charging a li-ion battery in five minutes has been considered impossible, StoreDot is now releasing engineering samples from a mass production line. This shows that the technology is both feasible and commercially ready, says Myersdorf. Now, he adds, the electricity grids and charging stations will need to be upgraded for the fast-charging technology to be usable on a mass scale.

That’s why his firm has begun working with BP, the London-based multinational oil and gas company. BP has 18,000 forecourts, and unless these stations are repurposed for charging batteries, he says, they will be obsolete a decade from now.

Chao-Yang Wang, a professor at the Battery and Energy Storage Center at Pennsylvania State University, posits that fast-charging batteries may be available to the mass market in three years.

In addition to li-on batteries, many companies are also investing in other forms of clean energy. An example of such a company is Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF). The company holds 10 investments in different industries, including hydrogen fuel station establishment.

NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF

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