Store Dot, company based in Tel Aviv, Israel, has announced technology with the ability to fully charge a cell phone within seconds.

Created using nanotechnology, the new batteries are built on nanodots, which are “bio-organic peptide molecules.” These nanodots change the way a battery absorbs a charge and allow it to hold power for longer periods of time.  The current version is too big for a mobile phone, but the company hopes to release a slimmer model by 2016.  The nanotechnology will eventually be expanded to car batteries as well, allowing them to charge in a matter of minutes rather than hours.

Store Dot has received two rounds of funding. According to the company, a portion of the money was provided by a leading Asian cell phone manufacturer. This poses no real surprise since it is estimated that the number of mobile phones in use worldwide will number 1.75 billion by the end of the year, creating an enthusiastic market for quick-charging batteries.  Phones that utilize the new batteries will cost up to $150 more than the current market price but would last up to three years or 1,500 power cycles.