Electric Vehicles Get First Battery That Can Charge in 5 Minutes

(Bloomberg) -- Israeli company StoreDot Ltd. has manufactured the first battery for electric vehicles that can be charged in just five minutes, a step toward making refueling as fast as cars at a gas station.

The lithium-ion samples were produced by StoreDot’s strategic partner in China, Eve Energy Co., and have been used as a demonstration in a two-wheeled scooter. StoreDot said that rapid charging batteries could overcome range and charging anxiety, a critical barrier to mainstream EV adoption.

However, batteries that charge this quickly probably won’t be achievable at scale for years with existing charging infrastructure. Degradation relating to use of fast-charging also is an under appreciated issue.

“This is a huge positive to the industry, making rapid charging on the go more convenient and reducing a huge barrier to adoption,” David Watson, chief executive officer of EV-charging company Ohme Technologies U.K. Ltd. “But these benefits will take a while to come on stream.”

StoreDot was picked by BloombergNEF as one of its top 10 companies of 2020 leading the low-carbon transition.

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