EVCS, an electric vehicle charging company is currently in the process of raising a $20 million round, TechCrunch+ has exclusively learned. According to paperwork filed with the SEC on Wednesday, the startup has already secured $7.5 million out of the $20 million target. If EVCS is able to secure the remaining amount, this round would represent a slight increase from the $18.8 million Series A the company raised in July 2022, potentially serving as an extension to that round. However, the current round also indicates a scaling back of expectations at the company, which previously considered raising $125 million in June to expand its network by adding over 2,000 fast chargers.
Details regarding the structure of the new round remain unclear as EVCS has yet to respond to requests for comment. The focus of large, public-facing EV charging companies has primarily been on developing coast-to-coast networks. The rationale behind this strategy is based on the belief that if a network has a sufficient reach, drivers will prefer it over competitors, knowing that they will have access to a charger regardless of where they travel within the U.S.
Despite the potential scaling back of expectations, the electric vehicle industry continues to show promising growth and investment. As the market for electric vehicles continues to expand, the need for efficient and widespread charging infrastructure becomes increasingly crucial. EVCS’s efforts to secure funding for its network expansion is indicative of the broader trends within the EV industry, where companies are prioritizing the development of robust charging networks to accommodate the growing demand for electric vehicles.
The increasing emphasis on expanding charging infrastructure is reflective of the broader shift towards sustainable transportation options. Electric vehicles have gained significant traction in recent years as consumers and governments alike have prioritized reducing carbon emissions and combating climate change. The growth of the electric vehicle charging market presents a significant opportunity for companies like EVCS to establish themselves as key players in the burgeoning EV industry.
As the race to establish a dominant position in the electric vehicle charging market continues, companies like EVCS will likely encounter both challenges and opportunities. Securing the $20 million round represents a crucial step for EVCS in its efforts to expand its network and solidify its position within the rapidly evolving electric vehicle industry. The successful completion of this funding round will enable EVCS to further its mission of providing accessible and reliable charging infrastructure to support the widespread adoption of electric vehicles.
