Arcadia-based electric vehicle charging network EVCS has raised nearly $69 million in a debt funding round, which will be used to expand the company’s presence throughout the West Coast.
“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.,” Gustavo Occhiuzzo, chief executive and co-founder of EVCS, said in a statement. “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.”
The company seeks to incentivize landowners to embrace green technologies by installing electric vehicle charging stations on their properties. On its website, the company stresses the value of getting ahead of the curve on EV tech and the benefits that can be reaped in the meantime, including a new source of revenue and access to cost-offsetting rebates.
The $68.8 million funding round was predominantly a $50 million debt facility from Spring Lane Capital, as well as a Series A equity investment of $18.8 million co-led by Abdo Partners, Spring Lane Capital and the Copulos Group, an Australian investor. Jett Capital Advisors provided investment banking advisory services in support of the equity capital raise.
“Investment in EV charging networks has reached a new inflection point with a wave of EV deals. This sends a strong signal to infrastructure investors, and the capital markets more broadly, that the EV marketplace is prime for expansion,” said Nikhil Garg, partner and co-founder of Spring Lane Capital, in a statement.
Garg noted high gas prices had created only more incentive for “more compelling” modern vehicles.
“EVCS’ expansion couldn’t come at a more opportune 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 forms of financing to facilitate the rapid expansion of their network,” Garg said. “We are excited to continue working with Gustavo and the EVCS team to close the disparity between public EV infrastructure and EV adoption.”
