Startup Receives Funding for AI-Optimized EV Charging Stations

Seattle based startup Electric Era has announced $11.5 million in series A funding that will allow it to scale production and deployment of its PowerNode EV fast-charging platform for convenience stores and quick service retail (QSR) locations. 

 

EV fast chargers for convenience stores. Image used courtesy of Electric Era

 

PowerNode fast chargers use Electric Era’s proprietary real-time autonomous software to deliver reliable, fast, and affordable electrical vehicle charging services by dynamically balancing grid supply with energy storage batteries.

The new round of funding was led by HSBC Asset Management with participation from SQM Lithium Ventures, Blackhorn Ventures, and Proeza Ventures. 

 

PowerNode Platform – Battery Storage and Load Balancing

Electric Era was formed in 2019 by engineers formerly with SpaceX with the goal of using the latest software and hardware technologies to expand charging access for EV drivers.  

Using the company’s proprietary load balancing algorithms with battery backup, Electric Era claims its PowerNode chargers can provide a 100-mile charge to a typical EV in under ten minutes, accommodating up to 100 vehicle charges per day.       

 

Dynamic charging power management. Image used courtesy of Electric Era

Along with its efficient charging capabilities, the PowerNode platform is designed to bring reliability and affordability to vehicle charging by reducing dependence on an overburdened grid.   

By using storage batteries as a buffer for grid-supplied electricity (or local renewable sources), the PowerNode platform can store energy for charging when grid electricity is too expensive or possibly not available. This allows for more reliable on-demand charging and more vehicle charges per day. 

And by replenishing its batteries during off-peak hours, the platform provides more consistent and lower pricing for drivers without sacrificing profitability for store owners.  

This is all achieved with PowerNode’s AI-driven software platform that dynamically manages all aspects of charging operations to include grid power draws and storage battery charge/discharge cycles to achieve optimal performance.    

 

PowerNode-OS fast charging management platform. Image used courtesy of Electric Era

 

Accessibility to Reliable EV Charging

Wider adoption of electric vehicles cannot be achieved without access to reliable charging. In conjunction with investments and incentives via the recent Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL), the U.S. federal government has established the goal of deploying 500,000 new fast-charging stations along U.S. highways. 

Electric Era believes that QSR and convenience stores are logical locations for their chargers and a good investment for store owners, as more than 160 million Americans stop at these locations every day.   

PowerNode charging stations are designed to operate comparably to traditional gas pumps. Users do not need a smartphone app but can use a standard credit card.

A PowerNode system can be installed in less than 16 weeks, significantly less time than traditional charging platforms, which often require grid upgrades or modifications.   

Electric Era plans to have more than 10,000 PowerNode stations installed at US convenience stores by 2030. Federal tax credits under the IRA, which passed into law in August of 2022, are available for PowerNode fast-charger installations.