Seattle-based electric vehicle charging startup Electric Era today announced $11.5 million in new funding, bringing its total investments to date to $19 million.
The investment comes during a surge of funding for building out U.S. EV charging infrastructure. The Biden administration has called for a national network of 500,000 chargers along highways. The Bipartisan Infrastructure Law included $7.5 billion to support expansion of EV charging.
Electric Era’s approach to fast charging incorporates batteries in order to mitigate demand on the grid and help businesses offering the charging services avoid higher power prices during times of peak energy use.
The startup’s PowerNode charging station provides a 100-mile charge for a typical EV in less than 10 minutes.
The company’s first commercial installation is at a Plaid Pantry convenience store in Portland, Ore, which is expected to come online next month. Electric Era hopes to install stations at convenience stores in nine states by the year’s end.
Quincy Lee, CEO and co-founder of Electric Era, previously worked at SpaceX, Elon Musk’s rocket and spacecraft company.
HSBC Asset Management, a London-based international firm, led the Series A round with participation from SQM Lithium Ventures, Blackhorn Ventures and Proeza Ventures.
The Seattle City Council recently passed legislation making it easier for the city’s utility to install chargers on private property, and for private developers to lease city property for charging sites.
With gas in Washington state running at about $5 per gallon, a recent analysis by the Washington Post found substantial savings for EV drivers in the state. While it would cost about $115 to fill up an Ford-150 pickup with gasoline, charging an electric F-150 Lightning would cost about $34.
