LOS ANGELES – EVCS, one of the largest electric vehicle fast-charging network operators on the West Coast, announced today that it has completed a $68.8 million funding round. The funding will come from a $50 million debt facility from Spring Lane Capital, and a Series A equity investment of $18.8 million from Abdo Partners, Spring Lane Capital, and the Copulos Group. Jett Capital Advisors also provided investment banking advisory services in support of the equity capital raise. With this new capital infusion, EVCS plans to rapidly expand its operations into 35+ new cities across California and Washington, as well as increase charger density in its existing communities. By 2023, EVCS aims to more than double its network.
As part of the federal Bipartisan Infrastructure Law of 2021, EVCS is committed to providing $7.5 billion in funding towards the development of a national EV charging network. This will help address the urgent need for public EV charging infrastructure and support mass consumer EV adoption. With the debt and equity raise, EVCS will 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.”
