Exclusive: Electric Era nets $11.5M for AI-driven chargers, led by HSBC
Electric Era, which makes AI-powered fast chargers, has raised a Series A to deploy its EV gear at gas stations and convenience stores, Axios has learned.
Why it matters: A lack of reliable and fast charging stations remains a major barrier to the adoption of electric vehicles, and new software and hardware could boost capacity and reliability.
Details: Electric Era's round was led by HSBC Asset Management, and with participation by SQM, Blackhorn Ventures and Proeza Ventures.
- The company, founded in 2019, uses batteries and onsite computing systems to fast charge an electric vehicle depending on the capability of the grid.
- Engineers at the company hail from SpaceX, where some worked on SpaceX's Starlink satellite internet system.
Zoom in: Fast charging EVs takes a lot of energy. Utilities in certain regions are already worried about load spikes from neighborhoods filled with chargers.
- "This is super hard to do," said Electric Era's founder and CEO Quincy Lee, who was a former manager of engineering at SpaceX.
- Because Electric Era's chargers, called PowerNodes, can switch over to a battery when needed, Lee says Electric Era's technology can lower the energy needed to fast charge "by a factor of three."
- The company says the chargers can deliver 100 miles of charge in less than 10 minutes for 100 vehicles per charging station per day.
- Electric Era sells the chargers to the store owner. Its first customer, Plaid Pantry, will start operating a PowerNode in Portland, Oregon, next month.