EVCS Secures Credit Facility with Macquarie Group (Newswire)
We recently employed PR firm Firecracker to help us get the word out about all of the wonderful things EVCS is doing to make an all-electric future a reality. One major step toward this goal was our securing a credit facility that would allow for accelerated expansion of EV infrastructure, giving us confidence that the financial support required would be available when we needed it. Our PR team then went to work, drafting the following press release that outlines the particulars of this momentous achievement:
ARCADIA, Calif., April 15, 2021 (Newswire.com)
EVCS, one of the largest electric vehicle (EV) fast-charging network operators on the U.S. West Coast, today announced that it has closed a credit facility with the Commodity and Global Markets group of Macquarie Group. The credit facility will enable EVCS to deliver on the installation of a significant pipeline of Direct Current Fast-Charging (DCFC) stations, adding to its existing large-scale DCFC network.
Since its founding in 2018, EVCS has built one of the largest EV charging station networks in the state of California. EVCS offers no-cost, turnkey charging station solutions to a diverse set of customers ranging from healthcare and hospitality to local governments and multifamily real estate owners. By partnering with EVCS, commercial site partners benefit from the company’s revenue-sharing program and experience increased foot traffic by providing a convenient amenity to a fast-growing market segment while receiving improved visibility through the EVCS mobile app.
“We are thrilled to partner with Macquarie in this next phase of EVCS’s growth and expansion,” said Ian Vishnevsky, co-founder of EVCS. “We have an aggressive growth strategy and sought to engage a global leader in infrastructure financing to enable us to deploy one of the largest fast-charging networks in the U.S. We are proud of the growth that EVCS has experienced and, with the additional financing, we will expand our commercial sites on the West Coast and, eventually, throughout the U.S.”
Vanessa Lenthall, Executive Director in Macquarie’s Commodities and Global Markets group, said, “We are excited to support EVCS in their mission of building a leading EV charging station network across the U.S. The support provided through this credit facility is consistent with our long‑standing commitment to, and expertise in, both the energy infrastructure and clean energy sectors.”
The credit facility will enable EVCS to install its fast-charging stations at more than 500 commercial sites throughout California, Oregon and Washington. EVCS expanded into Oregon and Washington in Q2 2020 with the acquisition of the West Coast Electric Highway Network and plans to upgrade the network in 2021.
Given significant, additional growth opportunities, EVCS is also considering potential equity financing opportunities. Investors and interested parties can contact the Investment Banking Division of Jett Capital Advisors below.
Commercial sites interested in exploring the opportunity to have fast-charging stations installed at no cost should visit EVCS turnkey solutions to learn more.
Jett Capital Advisors served as financial advisor to EVCS in the transaction.
About EVCS
EVCS was founded in 2018 by e-mobility entrepreneur and Green Commuter founder Gustavo Occhiuzzo and Ian Vishnevsky to provide California businesses with charging station solutions. EVCS disrupted the charging station sector by employing a complete turnkey approach that utilizes both public and private grants, rebates, and other financial incentives to encourage businesses to install fast-charging stations. EVCS has secured over $50 million in public funding and engaged over 500 partner sites which will host over 1,000 fast-charging stations. Visit EVCS for more information here: www.evcs.com.
About Macquarie
Macquarie Group (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 16,356 people and has assets under management of more than $398.4 billion (as of Sept. 30, 2020). Macquarie’s Commodities and Global Markets group was recently awarded a number of prestigious awards at the Energy Risk Awards, including 2020 Environmental Products Bank of the Year, 2020 Oil & Products and Derivatives House of the Year and the 2019 Natural Gas/LNG House of the Year. Macquarie is active in carbon markets globally and continues to innovate in the delivery of environmental commodities products and markets. For more information, visit www.macquarie.com.
On Tuesday, October 13th, our co-founder, Ian Vishnevsky, gave an absorbing interview to San Jose-based media platform ETTV America on the EVCS mission and how our recent partnership with Taiwanese software platform Noodoe is helping to advance that mission.
Last week, governor Gavin Newsom made major headlines when he announced through executive order that California will prohibit the sale of new gas-powered cars and trucks starting in 2035 – just 15 years away. Additional regulations will call for medium- and heavy-duty vehicles to be carbon-neutral by 2045. For those of us who have been decrying the slow transition from pollutant-emitting internal combustion engines to more efficient ones powered by zero-emission lithium-ion batteries, it was welcomed news.
When we bought the Oregon and Washington State legs of the West Coast Electric Highway (WCEH) earlier this summer, our goal was to promote the idea of responsible mobility by providing a carbon-neutral infrastructure that allowed EV drivers greater freedom of range in their travels. We hoped this would be welcomed news during a time when so many other distractions were dominating the news cycle. But as the pandemic persisted and the effects of the lockdown continued to ravage local economies, we realized that our contiguous network of DC fast chargers might serve another equally noble if somewhat unintended purpose: to facilitate much-needed tourism activity at some of the Pacific Northwest’s most picturesque points of interest.
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