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Fuel giant Chevron is making a bet on the electric vehicle revolution.
What’s happening:
- Seattle based Electric Era has raised $11.5M in a Series A round with participation from Chevron Technology Ventures Future Energy Fund, SQM Lithium Ventures, Blackhorn Ventures, Proeza Ventures and more
- Electric Era is building charging station infrastructure to be integrated into gas stations and convenience stores across the United States that leverage their high speed charging technology
Why it matters:
- Chevron is a global giant in oil and gas so their strategic investment into electric vehicle charging is strong validation of the shift away from fuel powered vehicles and legacy gas stations
- Electric vehicle charging infrastructure is severely lacking across the United States given the demand for electric vehicles continues to grow exponentially
By the numbers:
- Electric Era’s trademarked PowerNode charging station can charge an electric vehicle for 100 miles of distance in under 10 minutes
- Since inception Electric Era has raised $19M USD
The intrigue:
- Electric Era has built AI powered software that enables real time control of energy consumption across the power grid for all their charging stations
