Taking the new road with electric vehicles

TES Capital
TES Capital6/11/2018 07:30 AM GMT+08  • 11 min read
Taking the new road with electric vehicles
SINGAPORE (June 11): On May 22, BP announced it had invested US$20 million ($26.7 million) in StoreDot, the Israeli developer of ultra-fast-charging batteries. BP is also in partnership with NIO Capital, a Chinese private-equity group, to invest in “a
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SINGAPORE (June 11): On May 22, BP announced it had invested US$20 million ($26.7 million) in StoreDot, the Israeli developer of ultra-fast-charging batteries. BP is also in partnership with NIO Capital, a Chinese private-equity group, to invest in “advanced mobility” technology in China. These investments followed BP’s January acquisition of a stake in FreeWire, a US company developing rapid-charging infrastructure for electric vehicles (EVs). Of course, the amounts invested by BP is small change compared with the billions of dollars poured into oil and gas each year.

Last year, Royal Dutch Shell bought NewMotion, a Dutch operator of one of Europe’s largest EV charging networks. French oil and gas giant Total is developing next-generation EV technology through its Saft battery business, acquired for US$1.1 billion in 2016 from the Saft Groupe.

StoreDot, NIO Capital, NewMotion and Saft are investing and developing new technologies for EVs that reduce the use of BP’s, Shell’s and Total’s core product — petroleum, and oil and gas.

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