EVCS, an electric transportation recharge company, seeks to secure $20 million in funding

Electric vehicle charging company EVCS is raising a $20 million round, TechCrunch+ has exclusively learned. The startup has so far raised $7.5 million of the $20 million target, according to paperwork the company filed with the SEC on Wednesday. If EVCS can raise the rest, this round would make for a slight step up from the $18.8 million Series A the company raised in July 2022, perhaps as an extension to that round. But the round also suggests a tempering of expectations at the startup, which reportedly explored raising $125 million as recently as this June. The funds would have helped the company add more than 2,000 fast chargers to its network.

Electric vehicle charging company EVCS has some exciting news that it’s raising a massive $20 million round. This exclusive information comes from TechCrunch+, who have discovered that the startup has already secured $7.5 million of its target. According to the paperwork they filed with the SEC on Wednesday, the company is well on its way to reaching its goal.

Should EVCS successfully raise the rest of the funding, this will be a significant jump from the $18.8 million Series A round they obtained in July 2022, which could potentially be viewed as an extension of that round. However, this also signals a potential shift in expectations for the startup. Earlier this year, EVCS had reportedly been exploring the possibility of raising $125 million in June. Had this been successful, it would have allowed the company to add over 2,000 fast chargers to its network.

At this point, it’s unclear how the new round will be structured. EVCS has not yet responded to requests for comments on the matter.

Many of the larger, more well-known EV charging companies are currently working on expanding their networks nationwide. This makes sense, as it’s believed that the more extensive a network is, the more attractive it will be to drivers. This approach leads drivers to choose the company over its competitors, knowing that no matter where they travel in the United States, there will always be a charger within reach.