Electric Era Technologies has announced an investment from Chevron Technology Ventures.
The investment is aimed at accelerating the deployment of Electric Era’s reliable, premium charging stations to gas stations and convenience stores throughout the US, advancing the future of car refill to the locations that have historically formed the backbone of America’s transportation ecosystem.
“This investment will not only quickly expand our capacity to bring reliable, profitable EV charging stations to our valued convenience store and gas station partners across the country, but also exemplifies the power of industry partnerships to enable a more sustainable future for transportation,” said Quincy Lee, founder and CEO of Electric Era.
Developed by former SpaceX engineers, Electric Era’s PowerNode patented charging station technology and AI-driven software platform are designed to enable autonomous and real-time control of electrical grid power consumption and industry-leading reliability. PowerNode’s built-in battery automatically discharges to support increased charging on-demand, lowering the draw on the electrical grid and enabling more charging sessions per day for a lower cost. This evolutionary leap in EV charging technology has the potential to unlock new revenue streams for store owners and brings reliable EV charging infrastructure into new communities, reducing a key friction point for EV adoption.
“Electric Era’s technology has the potential to enable delivery of an easier-to-deploy, fast charging solution at scale,” said Jim Gable, VP of innovation and president of Technology Ventures at Chevron. “This is the latest investment from our US$300m Future Energy Fund II, which focuses on industrial decarbonisation, emerging mobility, energy decentralisation, and the growing circular economy. We welcome Electric Era to the portfolio.”
Electric Era’s first deployments of its PowerNode EV fast charging stations at quick service retailers are set to go online in the coming weeks in the Portland metro area at a Plaid Pantry store and a Space Age Fuels outlet. An additional installation at the Seven Feathers Travel Plaza in Southwest Oregon, and more than 10 other installations across seven states are planned to begin before the end of 2023, aimed at bringing safe, well lit, affordable EV fast charging to drivers across the country.
The investment from Chevron Technology Ventures’ Future Energy fund is part of Electric Era’s series A financing led by HSBC Asset Management with participation from SQM Lithium Ventures, Blackhorn Ventures, and Proeza Ventures. Electric Era has received US$20.5m in funding to date.
