Yes.
Due to the way the 500 is wired up you need a power source that has a built in earth or something like that. So if you plug in a normal power pack / charger thingy it stops recording and goes into charge mode only.
I bought a Garmin Power Monkey off ebay for £25 2nd hand. It has the requisite wiring in its connector.
Battery life wise I started Mayhem solo with it connected and turned on, to ease faffing. It (the monkey) was still on 1/4 charge after 16 hours. During a longer pitstop I disconnected it and ran the 500 for the remainder of the 24hrs. The 500 had 75% battery left after 24 hours.