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Evcs Raises $68.8 Million To Accelerate Expansion Of West Coast Ev Fast Charging Network

Jul 06, 2022•about 3 years ago

Amount Raised

$68.8 Million

Los Angeles

Description

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.

Company Information

Company

Evcs

Location

Los Angeles, California, United States

About

The company uses 100% renewable energy to power its network and increasingly faster-charging technology that gets you back on the road faster. The firm continues to build specialized teams of advisors with real leadership experience in the industries they cover, providing a rare level of expertise when advising founders, boards and management teams. 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. "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. EVCS was founded in 2018 and has quickly become one of the largest and fastest-growing electric vehicle charging networks on the West Coast. EVCS is committed to sustainability in its mission to decarbonize vehicle transportation.

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