EVCS – a West Coast-based EV charging network – has raised $68.8 million in funding to help expand its presence to over thirty-five new cities in California, Oregon, and Washington. In addition to increasing fast charger density in its current footprint, EVCS looks to double its network size by 2023.
EVCS was founded in 2018 and currently sits as one of the larger electric vehicle charging networks on the West Coast. Its fast chargers are powered by 100% renewable energy and offer a turn-key approach that utilizes public and private funding sources to promote more installations.
Previously, EVCS has secured over $50 million in government funding and implemented nearly 150 partner sites to establish its net zero carbon charging network. According to the company, its mission is to cut emissions while simultaneously improving air quality by enabling the rapid adoption of zero-emission electric vehicles.
Because its network currently only caters to western states, EVCS has a relatively small presence compared to some of the nationwide charging providers like EVGo and Electrify America. That being said, the company is planning to double its network size by next year and now has the funding in place to get started.
EVCS to expand charging network to 1,500 stalls by 2023
The charging network shared news of its latest funding round on the EVCS website, breaking down how the funds were acquired. $50 million came in the form of a debt facility from Spring Lane Capital, while an additional $18.8 million came via Series A equity investments co-led by Abdo Partners, Spring Lane Capital, and the Copulos Group.
The funds will be used to more than double EVCS’ network of 600 chargers across the West Coast to 1,500 in the next eighteen months, providing more EV drivers to opportunity to utilize the company’s unique unlimited charging subscription model. EVCS COO, CFO, and co-founder Ian Vishnevsky elaborated:
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. 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.
Looking ahead, EVCS plans to utilize its new debt and equity raise to begin construction and installation of new locations, hire additional staff, improve digital product experiences, and increase awareness of its EV subscription plan. You can find the nearest charger near you using this map tool.
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Author: Scooter Doll
Source: Electrek
