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.