Startup races to speed up electric car charging time

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The limited adoption of electric cars in the U.S. is partly to blame on slow, inconvenient charging times.

In 2014, less than 1 percent of the 16.5 million new vehicles purchased were electric vehicles.

While Tesla’s Superchargers can add roughly 170 miles worth of electricity to its cars’ batteries in about 30 minutes, the most efficient batteries take several hours to fully charge using a standard charger.

That’s why StoreDot, an Israeli startup, wants to make a battery that would charge as fast as filling up a tank of gas at a service station.

The company, armed with its team of scientists, has used nanotechnology to develop a new type of lithium-ion battery that it says can be fully charged in just five minutes.

Still, StoreDot’s batteries won’t be ready for commercial electric cars for at least five years.

In general, electric cars are less expensive to insure than conventional gas vehicles, according to reports.

That’s because EV’s cannot go much faster than the speed limit on the highway and buyers tend to fit a safe driver risk profile.

However, not every electric vehicle is cheaper to insure.

Read more about StoreDot’s plan to bring fast charging batteries to EVs at Fortune.com.