Adrian J Cotterill, Editor-in-Chief
EVCS, one of the largest electric vehicle (EV) fast-charging network operators on the US West Coast has completed a USD 68.8 million funding raise, comprised of a USD 50 million debt facility from Spring Lane Capital, and a Series A equity investment of USD 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.
Gustavo Occhiuzzo, CEO and Co-Founder of EVCS said “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.. 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 was founded in 2018 and has quickly become one of the largest and fastest-growing electric vehicle charging networks on the West Coast. Powered by 100% renewable energy, EVCS is disrupting the mobility power industry through a turn-key approach that utilizes public and private funding sources to encourage the installation of fast-charging locations. EVCS has secured over USD 50M in government funding and engaged nearly 150 partner sites to build and grow its net zero carbon network. EVCS’ mission is to cut emissions while simultaneously improving air quality by enabling the rapid adoption of zero-emission electric vehicles.
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