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

PRIVATEJul 06, 2022•almost 4 years ago

Amount Raised

$68.8 Million

ArcadiaMotor Vehicle Manufacturing

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

Arcadia, California, United States

About

EVCS was founded in 2018 by Green Commuter founder Gustavo Occhiuzzo and finance expert Ian Vishnevsky, two serial entrepreneurs who saw the opportunity to provide California businesses with charging stations as the number of electric vehicles on the road continued to multiply. While Green Commuter, first established in 2014, pioneered eco-friendly mobility through its fleet of all-electric vanpool vehicles, Occhiuzzo and Vishnevsky were determined to encourage greater electric vehicle participation by California residents through a scalable nation wide charging solution. EVCS set about developing a unique and industry-disrupting approach to mobility power – most notably employing a complete turnkey approach that utilizes both public and private grants, rebates and other financial incentives to reduce the downside while optimizing the upside for participating site owners. Thanks to the enormous popularity of this approach, EVCS has already expanded its footprint from California to Washington via the West Coast Electric Highway and will soon traverse the country. EVCS is a B Lab Certified Benefit Corporation.

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