Electric Era, a designer and developer of AI-driven storage solutions for electric vehicle (EV) fast charging, today announced the availability of the PowerNode Platform – a turn-key EV fast charging solution designed specifically for the rapidly growing, $10 billion U.S. convenience store EV fast charging sector. Using AI-driven, high-power storage technology, the PowerNode Platform enables convenience stores to meet eligibility requirements to qualify for President Biden’s National Electric Vehicle Infrastructure (NEVI) Formula Program without expensive grid upgrades or demand charges. Established in 2021, the NEVI Program allocates $5 Billion of funding for the deployment of EV charging infrastructure along interstate highway corridors around America.
Following its recent successful technology demonstration with EPRI, the nation’s leading utility research institute, Electric Era also announced that it has secured investment from Proeza Ventures, Blackhorn Ventures, Liquid 2 Ventures, and previous strategic investors including Remus Capital. The company has hired Sam Reineman, a nine-year SpaceX veteran who served as Lead Mechanical Engineer, as CTO to help accelerate the production and delivery of the PowerNode Platform to customers.
According to Fortune Business Insights, the global electric vehicle charging station market is expected to “gain momentum by reaching USD 111.90 billion by 2028 from USD 17.59 billion in 2021 while exhibiting a stellar CAGR of 30.26% between 2021 to 2028, with an estimated 28,000 convenience stores expected to electrify before 2030.” To accommodate this rapid and large growth in market demand, many governments are offering grant programs, such as the U.S administration’s NEVI program, to help accelerate fast charging technology development and deployment.
“The PowerNode Platform is the most affordable EV fast charging solution. We built it to avoid costly demand charges and grid upgrades, making it the ideal choice for convenience stores – particularly those looking to qualify for NEVI grants,” said Quincy Lee, Electric Era Founder and CEO. “The PowerNode Platform reduces grid requirements and demand charges by 3X, while supporting the fastest charging speeds, allowing convenience stores to replicate the gas station experience while optimizing revenue and minimizing the costs of fast charging.”
“Many of the 116,000 convenience stores across the country are planning to install EV fast charging capabilities in the coming decade using battery-supported EV fast charging technologies like the PowerNode Platform,” said Joe Montana, Liquid 2 Ventures Founder and General Partner. “Liquid 2 Ventures is excited to invest in the world class team at Electric Era to help the company meet its aggressive customer acquisition and technology proliferation goals.”
