Funding and M&A Roundup: BESS Developer NineDot Raises $225 Million

Electric Era, an EV Charging Solutions provider, secured a $11.5 Million Series A Funding round led by HSBC Asset Management, with participation from SQM Lithium Ventures, Blackhorn Ventures, and Proeza Ventures. The latest round brings the company’s total funding raised to 19 million.

The $11.5 million in new funding will be deployed to accelerate the company’s PowerNode charging station production and deployments of EV charging stations at convenience stores and quick service retailers.

“We’re building the future of car refill by tackling the key challenges of adoption, including lack of easy access to reliable charging stations and too much dependence on our nation’s overburdened electrical grids,” said Quincy Lee, CEO and Founder of Electric Era and a former Manager of Engineering at SpaceX.

According to the company, the PowerNode charging system leverages patented charging station technology and an AI-driven software platform to enable autonomous and real-time control of electrical grid power consumption, hardware reliability, and a battery buffer.

“Decarbonizing US transportation rests on getting more Americans into EVs. Electric Era has cutting-edge technology that solves the core reliability and grid challenges of EV fast charging needed to transform the car refill experience. We are excited to support the company in its next phase of growth,” said Michael D’Aurizio, climate VC investor at HSBC Asset Management.

According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.

Go Eve, an EV charging solutions provider, recently secured £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses. Other investors included Cur8 Capital, a private investment platform for ethical investors; Kero Development Partners, a sustainable engineering investor; Gemarter, a clean energy investor; and Automotive Ventures, a transportation innovation investor.