EVCS raises capital for more chargers on US West Coast
EVCS, one of the largest EV fast-charging network operators on the West Coast of the USA, has completed a $68.8 million funding raise. EVCS plans to more than double its network footprint to nearly 1,500 chargers by 2023.
The fresh finance should support the company’s expansion into 35+ new cities across California and Washington, while the charger density in its existing communities should also increase. The funds came through debt facility and equitey investment co-led by Abdo Partners, Spring Lane Capital and the Copulos Group.
EVCS says it will not only deploy the debt and equity just raised to bolster the construction and installation of new charging locations, but also to hire additional staff, improve digital product experiences and increase awareness of its subscription EV charging plan.
Nikhil Garg is partner and co-founder at Spring Lane Capital explained: “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 utilisation increasing at such a breakneck pace that EVCS’ expansion couldn’t come at a more opportune time.” He noted that 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.”
Towards the end of last year, EVCS turned to Tritium to expand the EV charging network along the US West Coast. EVCS purchased over 400 Tritium fast-chargers to add to its more than 100 Tritium charger deployment.