Electric vehicle charging company EVCS is seeking to raise $20 million.

Thu Dec 28, 2023 - 3:42am GMT+0000

EVCS, a company specializing in electric vehicle charging, is seeking to raise $20 million, as exclusively reported by TechCrunch+. The firm has secured $7.5 million of the targeted amount based on recent SEC filings. This fundraising effort marks a modest increase from its $18.8 million Series A in July 2022 and might represent an extension of that round. However, this ambition shows a reduced scope compared to a previous aim of $125 million, intended to expand its fast charger network significantly. The specifics of the new funding round are yet to be disclosed.

The company’s strategy differs from other large EV charging firms, with a focus on the West Coast, operating 327 fast chargers and 686 Level 2 chargers across 186 locations in California, Oregon, and Washington. Particularly in California, its chargers are notably concentrated in Los Angeles, with a less structured presence along Hwy 99 in the Central Valley. This regional approach resembles that of many gasoline retailers and could be advantageous in managing logistical and maintenance costs.

EVCS’s distinct pricing strategy includes subscription plans alongside standard per-kWh or session charges, with its premium offer targeting ride-share drivers with unlimited charging for $199 per month. As the electric vehicle market evolves, notably with recent developments like the opening of Tesla’s network, EVCS’s strategy and funding goals may reflect a cautious approach to expansion and a focus on solidifying its existing network.