Dive Brief:
- Electric Era has received an investment from Chevron Technology Ventures, Chevron’s venture arm, to support bringing its battery-assisted electric vehicle chargers to more convenience stores and gas stations across the U.S., according to a Tuesday press release. The amount of the investment was not disclosed.
- Electric Era’s high-speed chargers continuously pull power from the grid to charge batteries, which can then be used to rapidly charge an EV without pulling a large amount directly from the grid. This can lower demand charges and increase reliability, Electric Era said in the release.
- This support of EV charging is another step in Chevron’s decarbonization and move toward cleaner energy. The announcement comes a little over a month after Chevron and waste solutions company Brightmark announced their first delivery of renewable natural gas.
Dive Insight:
Chevron’s investment in Electric Era comes from its $300 million Future Energy Fund II, which is earmarked for projects in decarbonization and energy decentralization, among others.
“Electric Era’s technology has the potential to enable delivery of an easier-to-deploy, fast charging solution at scale,” said Jim Gable, vice president of innovation and president of technology ventures at Chevron.
The EV charging technology company already has agreements in place to install its Power Node chargers at more than 10 locations across the U.S. by the end of the year, including three sites each in Oregon and California, two in Texas and one each in Missouri, Washington and Massachusetts.
Chargers at a Plaid Pantry and a Space Age Fuels outlet, both in Oregon, are expected to come online in the next few weeks. Other upcoming c-store integrations include locations operated by Seven Feathers Travel Plaza, Sports & Spirits, Spiritmart, 76 and Quik Mart.
Enthusiasm for EV charging has been a mixed bag this year, with some retailers pursuing big plans for broad rollouts while others are sticking with small pilots or debating if chargers are right for their locations at all.
Battery-assisted chargers can be helpful for retailers in more rural areas, or other places where the energy infrastructure is not as robust. Because these chargers draw less energy from the grid and pool it in batteries for quick charging instead, they can be installed in places where more traditional chargers may be impractical. However, if too many cars charge over too short a time, the battery may not be able to maintain its top speeds.
San Ramon, California-based Chevron produces crude oil and natural gas and manufactures transportation fuels, lubricants, petrochemicals and additives. In the U.S., Chevron also owns more than 1,000 ExtraMile Convenience Stores through a joint venture with Jacksons Food Stores.
