Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
SQM Lithium Ventures, the corporate venture arm of SQM’s Lithium business, announced on Tuesday its first venture investment.
The company will invest $3 million in Electric Era, a Seattle-based startup seeking to make electric vehicle fast charging ubiquitous and affordable.
Electric Era does this through its Power Node system, an AI-driven, high-power storage system for EV fast charging stations. Power Node is a compact charger, roughly the size of a parking space, that can be installed at convenience stores or other commercial or public sites with demand for EV charging.
Power Node can be deployed anywhere on the grid to provide the necessary charging infrastructure innovation needed for the affordable and timely electrification of transportation, the company said.
SQM Lithium Ventures’ investment in Electric Era places SQM among the largest investors in the round, which also includes HSBC and Proeza Ventures.
The investment will enable Electric Era to scale its production, grow its commercial team, and expand to locations across the United States.
Electric Era’s founding team consists of chief executive officer Quincy Lee and chief technology officer Sam Reineman, both former employees of SpaceX.
“The link with entrepreneurs, technology, and startups allows us to have quicker reaction time to the challenges the market presents, like reduction in water use, new lithium applications, and processes associated with electromobility and value-added initiatives, Angeles Romo, director of SQM Lithium Ventures, said in a media statement.
“We will be better prepared to solve global problems, with a sustainable, regional focus,” she added.
