EVCS, which operates a network of DC fast chargers on the US West Coast, recently completed a $68- million funding raise, comprised of a $50 million debt facility from Spring Lane Capital and a Series A equity investment of $18.8 million.
EVCS will use the new capital to expand into at least 35 new cities across California and Washington, and to increase charger density in its existing communities. EVCS plans to more than double its network footprint to nearly 1,500 chargers by 2023. The company will also use the funds to hire additional staff, improve digital product experiences and increase awareness of its subscription-based charging plan.
EVCS says it uses 100% renewable energy to power its network.
“With over 600 chargers in California, Oregon and Washington, we’ve grown to become one of the largest EV fast charging networks in the US,” 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.