EVCS EV will accelerate the expansion of fast charging networks
EVCS, One of the largest electric vehicle (EV) fast-charging network operators on the West Coast, Spring Lane Capital has announced a বৃদ্ধি 68.8 million fund increase, including a $ 50 million loan facility, and the completion of a Series A equity investment of $ 18.8 million. Millions led by Abdo Partners, Spring Lane Capital and the Australian private global investor Kopulos Group. Jet Capital Advisors also provides investment banking advisory services in support of equity capital growth.
The raised capital will support the rapid expansion of EVCS in 35+ new cities across California and Washington, as well as increase charger density in its existing communities. EVCS plans to double its network footprint to about 1,500 chargers by 2023.
In conjunction with the Federal Bilateral Infrastructure Act of 2021 to provide $ 7.5 billion in funding for 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 increase debt and equity to strengthen the construction and installation of new charging locations, hire additional staff, improve the digital product experience, and raise awareness of its industry-leading subscription EV charging plans.
“With over 600 chargers in California, Oregon and Washington, we have become one of the largest EV fast-charging networks in the United States,” he said. Gustavo Ochiuzzo, CEO and co-founder of EVCS. “With this new round of funding, we are thrilled to be able to double the EV driver’s access to our unlimited charging subscription products by doubling our charger footprint in the next 18 months.”
“EVCS is an innovator in the EV charging sector, simplifies the cost of complex electricity and saves thousands of dollars annually to ordinary EV drivers through our unlimited charging subscription plan,” he said. Ian Vishnevsky, COO / CFO and co-founder of EVCS. “With today’s announcement, we are entering a new phase of growth enabling EVCS to offer EV drivers affordable, DC fast charging up and improved access to the Down West Coast.”
“Investment in EV charging networks has reached a new inflection point with a wave of EV deals. It sends a strong signal to infrastructure investors and the capital market, more broadly, the EV marketplace is key to expansion, “he said. Nikhil Garg, A partner and co-founder of Spring Lane Capital. “High gas prices, the introduction of mandatory new car models, and environmental concerns have led to a massive rise in EV adoption, with the use of chargers increasing at such a dangerous pace that the expansion of EVCS has not come at the right 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 funding to facilitate the rapid expansion of their network. We are excited to continue working with Gustavo and the EVCS team to close the gap between public EV infrastructure and EV adoption. “
“By the end of 2021, we have more than 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 gap on public EV infrastructure,” said the Alternative Fuels Data Center. Ashley Abdo Abdo partners. “We are excited to be partnering with EVCS as they work toward an electrified future in transportation.”
EVCS is committed to sustainability with the goal of decarbonizing vehicle transport. The company uses 100% renewable energy to get its network up and growing fast charging technology that gets you back on track faster.
EVCS was founded in 2018 and has become one of the fastest 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 uses public and private funding sources to encourage the installation of fast-charging locations. EVCS has secured more than M 50M from government funding and has hired about 150 partner sites to build and grow its Net Zero Carbon network.