NEW YORK : Electric-vehicle charger operator EVCS is looking to raise $125 million, according to a document seen by Reuters, as it races to expand its network of fast chargers eightfold by 2025 and capitalize on the U.S. government's push to boost EV adoption.
California-based EVCS has hired French bank BNP Paribas to advise it in the search for potential investors, according to the document dated June 2023 seen by Reuters.EVCS, which operates its own network of fast chargers as well as stations for clients such as Hertz and Hilton, plans to increase its network to 2,100 fast chargers by 2025 from 260 currently and focus on the U.S. states of California, Washington and Oregon, according to the document.
Countries are offering grants, tax credits and other incentives to makers of electric vehicles and the infrastructure needed to keep them moving, attracting private investment that is key to achieving targets such as the Biden administration's aim for EVs to make up 50 per cent of U.S. new-vehicle sales by 2030. The deals between Tesla and rivals also could make it easier for operators to cater to virtually all EVs.