Israeli startup StoreDot has unveiled a new electric car battery that is claimed to be capable of charging electric vehicles in five minutes.

Designed to help save electricity consumption, the electric car battery is said to provide a range of 300 miles and is expected to enter its production phase early next year, reports BBC.

StoreDot's chief executive Doron Myersdorf was quoted by BBC as saying: “We don't have contracts but we are working with car companies to develop the battery, this will take another three years or so to be on the road.”

Known as FlashBattery, the technology uses layers of nanomaterials and proprietary organic compounds, reported Engadget. Such nanomaterials comprise several environment-friendly bio-organic raw materials that are found in abundance in nature. These are claimed to be cheap to manufacture, reported New Atlas.

The battery is not flammable and features a high temperature of combustion, enabling faster and safer charging of electric vehicles.

"We don't have contracts but we are working with car companies to develop the battery."

Myersdorf was quoted by Engadget as saying: “Fast Charging is the critical missing link needed to make electric vehicles ubiquitous.

“The currently available battery technology dictates long charging times, which makes the electric vehicle form of transportation inadequate for the public at large.

“We're exploring options with a few strategic partners in the auto space to help us boost the production process in Asia and reach mass production as soon as possible.”

CCS Insight technology analyst Ben Wood has expressed his doubts regarding the use of the technology. He was quoted by BBC as saying: “Taking risks with battery technology can bite you.

“I would say that experience has taught me to always remain sceptical. Let's see if it happens would be my view.”