New battery cuts electric vehicle charging time to 5 minutes

Transcript:

CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Wall Street is coming off a solid session as investors assess whether or not stocks can continue their momentum into the back half of 2024. Investors are looking ahead to a key speech from Fed chair Jerome Powell as well as the May job openings report. This all comes ahead of Friday’s highly anticipated June jobs report.

In other news - One British company is aiming to disrupt the EV car charging market. Nyobolt, based in Cambridge, England, has developed a battery that took just four and a half minutes to charge from 10% to 80%. That’s about 75% faster than it takes current chargers, such as Tesla’s Supercharger, to complete.

And Nyobolt’s CEO says he thinks the technology could be ready to use sooner than you think, saying “Our extensive research here in the UK and U.S. has unlocked a novel battery technology that is ready and scalable right now. We are enabling the electrification of new products and services currently considered inviable or impossible.”

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According to the North American Charging Standard, 75% of fast chargers in North America are made by Tesla. And nearly all U.S. carmakers have committed to making EVs that are compatible with Tesla’s technology.

But that shouldn’t deter Nyobolt, as its CEO says his company’s battery is also compatible with Tesla’s technology.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

Related: Consumers prefer this sound from quiet electric vehicles