EVCS Raises $68.8 Million to Accelerate Expansion of West Coast EV Fast Charging Network
Funds raised will be used to support consumer EV adoption and state transportation decarbonization goals
EVCS, one of the largest electric vehicle (EV) fast-charging network operators on the West Coast, today announced the completion of a $68.8 million funding raise, comprised of a $50 million debt facility from Spring Lane Capital, and a Series A equity investment of $18.8 million co-led by Abdo Partners, Spring Lane Capital and the Copulos Group, an Australian Private Global Investor. Jett Capital Advisors also provided investment banking advisory services in support of the equity capital raise. The capital raised will support EVCS’ rapid expansion into 35+ new cities across California and Washington as well as increase charger density in its existing communities. EVCS plans to more than double its network footprint to nearly 1,500 chargers by 2023.
Aligned with the federal Bipartisan Infrastructure Law of 2021 providing $7.5 billion in funding towards the development of a national EV charging network, EVCS is committed to addressing the urgent need for public EV charging infrastructure in support of mass consumer EV adoption. EVCS will deploy the debt and equity raise to bolster the construction and installation of new charging locations, hire additional staff, improve digital product experiences and increase awareness of its industry-leading subscription EV charging plan.
“With over 600 chargers in California, Oregon and Washington, we’ve grown to become one of the largest EV fast-charging networks in the U.S.,” said Gustavo Occhiuzzo, CEO and Co-Founder of EVCS. “With this new round of funding, we’re thrilled to increase EV driver access to our unlimited charging subscription product by more than doubling our charger footprint over the next 18 months.”
“EVCS has been an innovator in the EV charging sector, simplifying complex electricity pricing and saving the typical EV driver thousands of dollars annually with our unlimited charging subscription plan,” said Ian Vishnevsky, COO/CFO and Co-Founder of EVCS. “With today’s announcement, we enter a new phase of growth enabling EVCS to offer EV drivers improved access to affordable, DC fast charging up and down the West Coast.”
“Investment in EV charging networks has reached a new inflection point with a wave of EV deals. This sends a strong signal to infrastructure investors and the capital markets, more broadly, that the EV marketplace is prime for expansion,” said Nikhil Garg, Partner and Co-Founder of Spring Lane Capital. “High gas prices, the introduction of compelling new vehicle models, and concern for the environment have spurred a massive upswing in EV adoption, with charger utilization increasing at such a breakneck pace that EVCS’ expansion couldn’t come at a more opportune time. As a pioneer in the EV fast charging market, EVCS has created a unique framework that bridges federal, state and local funds with additional forms of financing to facilitate the rapid expansion of their network. We are excited to continue working with Gustavo and the EVCS team to close the disparity between public EV infrastructure and EV adoption.”
“Per the Alternative Fuels Data Center, we ended 2021 with over 2,300,000 EVs on U.S. roads and only 108,000 public charging ports available, so we’re in a race to close the public EV infrastructure gap,” said Ashley Abdo of Abdo Partners. “We’re excited to partner with EVCS as they work towards an electrified future in transportation.”
EVCS is committed to sustainability in its mission to decarbonize vehicle transportation. The company uses 100% renewable energy to power its network and increasingly faster-charging technology that gets you back on the road faster.
For more information about EVCS, please visit https://evcs.com/.