Electric Era secures $11.5m in Series A for EV high-speed charging stations
Electric vehicle (EV) fast-charging innovator, Electric Era Technologies, announced the successful completion of its Series A financing, raising $11.5 million. Spearheaded by HSBC Asset Management and joined by SQM Lithium Ventures, Blackhorn Ventures, and Proeza Ventures, the funding will be pivotal in ramping up the production and deployment of Electric Era’s groundbreaking PowerNode EV high-speed charging stations.
Designed to address the surging demand for reliable, swift, and cost-effective EV charging solutions, PowerNode stations will be strategically located at convenience stores and quick service retailers (QSRs). PowerNode stands out due to its revolutionary software platform, boasting an impressive 99.5% reliability rate, and can provide an EV with a 100-mile charge in under ten minutes. The stations can efficiently cater to more than 100 vehicles daily.
Quincy Lee, Electric Era’s Founder and CEO, underscored the company’s vision: “Our commitment is to redefine the EV refueling experience, countering challenges like the scarcity of reliable charging outlets and the increasing strain on electrical grids. Harnessing Silicon Valley’s software ingenuity and my SpaceX engineering background, our objective is to integrate seamless charging solutions at regular stopping points, amplifying the value for EV users and our retail partners.”
The PowerNode charging system uniquely combines patented station technology with an AI-centric software platform. This facilitates autonomous real-time management of grid power consumption, hardware reliability, and a built-in battery buffer. The embedded battery ensures an efficient on-demand charge, lessening the grid’s load and rendering cost-effective, multiple daily charging sessions.
Notably, PowerNode installations can be achieved in just 16 weeks, sidestepping often lengthy local grid infrastructure updates. This expedited setup contrasts sharply with the extended timelines associated with conventional solutions.
Michael D’Aurizio from HSBC Asset Management emphasized the transformative potential of Electric Era’s offerings, stating, “For a greener US transportation future, EV adoption is crucial. Electric Era’s pioneering tech directly addresses the core challenges in EV fast charging. We’re thrilled to be part of this game-changing journey.”
In line with their vision, Electric Era is proliferating its reach across US convenience stores—a daily destination for 160 million Americans. The company’s state-of-the-art charging stations, which seamlessly integrate with traditional payment methods like credit card swipes, are set to redefine the EV charging landscape.
Oregon’s Plaid Pantry convenience store in Portland is set to premiere the PowerNode station come early September. The year-end anticipates the PowerNode’s presence in convenience outlets across nine states. By the decade’s close, Electric Era envisions having 10,000+ PowerNode stations across the US.
With this latest Series A injection, Electric Era Technologies’ total funding has now reached a commendable $19 million.