Chevron Backs Ex-SpaceX Engineers’ EV Charging Startup (Correct)

Chevron Corp., one of the world’s biggest oil producers, is backing a startup by former SpaceX engineers to fast-charge electric vehicles without straining the power grid.

The company’s investment in Electric Era Technologies is part of a Series A financing of $13 million led by HSBC Asset Management. Other participants include SQM Lithium Ventures, Blackhorn Ventures and Proeza Ventures.

The move is the latest in an incremental shift by Big Oil toward the electric car business. It’s Chevron’s third investment in EV technology, including ChargePoint Inc., one of the largest EV charging network operators, and Make My Day ...