An EV Battery That Charges Fully In 5 Minutes Could Become Commercial In 3 Years

Electric vehicles now comprise a substantial part of the automotive market. But the fact remains that despite the increasing number of charging stations, it is still inconvenient to charge a car in comparison to getting a tank full of gas.

StoreDot, an Israeli startup, might have the solution to the woes of electric vehicle (EV) owners, with a new battery it claims can fully charge in five minutes and drive the EV 300 miles on a single charge.

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“Fast Charging is the critical missing link needed to make electric vehicles ubiquitous. The currently available battery technology dictates long charging times, which makes the EV form of transportation inadequate for the public at large. We’re exploring options with a few strategic partners in the auto space to help us boost the production process in Asia and reach mass production as soon as possible,” Doron Myersdorf, co-founder and CEO of StoreDot, said in the official press release Thursday.

The company uses a ‘flash charging’ technology, which sounds and works just like fast charging on smartphones. StoreDot also uploaded a one-minute video to YouTube, explaining how the technology works.

The battery is made of nano-materials in a layered structure, made of special organic compounds manufactured by the company. This, the company said, is a massive improvement over traditional lithium-ion battery.

The company first demonstrated the technology at Microsoft Think Next in 2015. The company says the batteries are in the “advanced stages of development” and might be integrated into electric vehicles in the next three years. It also says that its chemical compound is not flammable and has a higher level of combustion, reducing the level of resistance in the batteries making it safe for use in cars.

The batteries won’t be too difficult to manufacture either — the company estimates that 80 percent of the manufacturing process is the same as regular lithium-ion batteries.

StoreDot specializes in battery technology. Last year, it showcased a smartphone battery capable of fully charging within 30 seconds. The EV battery is a scaled up version of this battery which has multi-function electrodes, a combination of polymer and metal oxide.

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The technology is way ahead of even Tesla’s Supercharger network — supposed to be the most advanced battery charging technology currently available. Tesla’s technology still requires two hours to charge a car. These kind of issues are what have impeded EVs from gaining more market share than they currently have.

StoreDot’s technology, if it goes mainstream, could possibly help popularize the segment further, although we will have to wait till 2020 to see it on the roads.

The company has raised $66 million in four rounds from five investors, raising $18 million in series C round of funding in August 2015. Its investors include Roman Abramovich and Samsung Ventures.