2020s — the decade of the Electric Vehicle?
By: Kenes, Kenges
Tags: Electric Vehicles, Technology, Climate Change, Battery, Electric Car

As we enter a new decade on the brink of irreversible climate change, consumers are increasingly looking for new ways in which to make their lifestyles more sustainable and eco-friendlier. Climate groups have been putting pressure on car manufacturers to increase their supply of electric vehicles (EVs) to meet market demands and deliver on their responsibility to tackle air pollution and address climate change. Earlier this month, the UK government announced a ban effective from 2035, prohibiting the sales of new petrol, diesel and hybrid vehicles. It is great to see governments taking bold steps to ensure their populations are using a more eco-friendly and cost-efficient mode of transportation.

The year 2019 showed continued growth in the uptake of electric vehicles globally. This coming year is expected to be even better, with more manufacturers and new models entering the car market. With this growing momentum, it is crucial to address lingering consumer concerns which still constrain the market. The biggest issues surrounding the legitimacy of the marketability of Electric Vehicles are the number of charging stations available for use, and the speed at which they can re-charge vehicles. Indeed, many drivers have cited reservations about the short range of electric vehicles on a single charge. Whilst many of the latest models have ranges of over 250km on a single charge, there are still far fewer charging points than there are fuel stations. For convenience sake, this still remains a significant deterrent, particularly to people living in rural areas where charging points are even more scarce. However, as the amount of EV users increases, the number of charging points will also increase. Governments are quickly realising that accelerating the transition towards electric vehicles requires concurrent investment in robust and widespread charging infrastructure to support greater use.

With this in mind, the other persisting concern is the lengthy charge time, with the average EV taking around 8 hours to charge. However, new and exciting technology is on the horizon that can help EVs be more user-friendly and convenient. ‘StoreDot’, an innovative start up backed by my VC fund Singulariteam, has developed pioneering technology for an EV battery that can be fully charged in just 5 minutes. This remarkably fast charging rate is achieved through StoreDot’s use of novel materials and unique battery structure. The EV flash battery architecture used is environmentally safer than a Li-ion battery. StoreDot is set to launch its products later this year, which is expected to dramatically improve the EV ownership experience.

EVs are still a fairly new and innovative technology, and with any new tech, there are always unforeseen challenges and dissenting opinions. However, a shift away from internal combustion engines to zero emission electric vehicles is essential if the world wants to achieve carbon targets and address the climate crisis. We are incredibly fortunate to have start-ups like StoreDot, developing technology that will help make EVs more marketable to buyers and make the transition from fuel-based counterparts that bit easier.