A start-up company from Israel is developing a new battery for electric vehicles that can be recharged in under five minutes - and it could be available as early as 2020, according to a new report.

In an article by US website The Drive, StoreDot's upcoming battery packs should help to speed up the adoption of electric vehicles (EVs).

"The reason that adoption is slow is because charging is slow," said Doron Myersdorf, CEO of StoreDot.

"People don’t want to charge overnight. But fast-charging networks are the solution for the mass adoption for electric vehicles."

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Above: Tesla Superchargers

Most current EVs are able to charge to 80 per cent in as little as 30 minutes using 50kW DC charging stations, while Tesla can achieve this slightly faster thanks to its 120kW Supercharger network.

Last week, the BMW Group, Daimler AG, Ford Motor Company and the Volkswagen Group announced that they will collaborate on a network of 350kW hyper-fast charging stations across Europe.

Despite the initiative, there are no EVs that can take advantage of the 350kW stations, and that's where StoreDot plans to step in.

The company is redesigning each component of car batteries - including anode, cathode, electrolyte and separator components - to use new materials that are safer and less flammable to deal with higher temperatures.

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Above: Most current EVs like the BMW i3 can take several hours to charge

According to the report, however, these new batteries won't necessarily come with a higher price tag, as the new materials cost around the same as the ones being replaced.

"There are some additional cost for resistance with cable and connectors, but in terms of the battery itself, we are on same curve as lithium-ion that will go down with volume," Myersdorf said.

StoreDot has already demonstrated its fast-charging battery technology that allows smartphones to be fully-charged in just 30 seconds, and that concept is being applied on a much larger scale when it comes to electric cars.

One hurdle these charging systems need to combat, though, is the grid. The amount of energy required to a number of these stations at once can equal the equivalent of a suburb's worth of households.

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Above: The Porsche Mission E will be able to be charged to 80 per cent in 15 minutes

Some manufacturers are already working on fast-charging solutions for upcoming models, including German sportscar manufacturer Porsche, which is developing a battery pack for the production version of the all-electric Mission E concept.

Porsche says the Mission E will be capable of a driving range of over 500km, while charging to 80 per cent will take as little as 15 minutes using a 800V connection.

Would faster charging convince you to buy an EV over a combustion-powered vehicle? Let us know in the comments below