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There is now technology out there that can charge a mobile phone in a few seconds and an electric car in minutes.

Using nanotechnology to synthesize artificial molecules, Tel Aviv, Israel-based StoreDot developed a battery that can store a much higher charge more quickly, in effect acting like a super-dense sponge to soak up power and retain it.

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While the prototype is currently far too bulky for a mobile phone, the company believes it will be ready by 2016 to market a slim battery that can absorb and deliver a day’s power for a smartphone in just 30 seconds.

“These are new materials, they have never been developed before,” said Doron Myersdorf, the founder and chief executive of StoreDot, whose investors include Russian billionaire and Chelsea soccer club owner Roman Abramovich.

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The innovation centers around the creation of “nanodots,” which StoreDot describes as bio-organic peptide molecules. Nanodots alter the way a battery behaves to allow the rapid absorption and, critically, the retention of power.

The company raised $48 million from two rounds of funding, including backing from a mobile phone maker. Myersdorf declined to name the company, but said it was Asian.

With the number of smartphone users forecast to reach 1.75 billion this year, StoreDot sees a big market.

While the battery is still in development, they still have to work out issues with the size of the battery and power cycle rounds. A power cycle round is essentially the amount of times a battery can re-charge in its lifetime.

Myersdorf said a fast-charge phone would cost $100-$150 more than current models and would ultimately be able to handle 1,500 recharge/discharge cycles, giving it about three years of life.

He hopes to use the same technology to create a car battery that recharges in two or three minutes, rather than current models which commonly need charging overnight.

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