NEW YORK, July 24 (Reuters) - Electric-vehicle charger operator EVCS is looking to raise $125 million, according to a document seen by Reuters, as it races to expand its network of fast chargers eightfold by 2025 and capitalize on the U.S. government's push to boost EV adoption.
EVCS, which operates its own network of fast chargers as well as stations for clients such as Hertz and Hilton, plans to increase its network to 2,100 fast chargers by 2025 from 260 currently and focus on the U.S. states of California, Washington and Oregon, according to the document.
A person familiar with the matter said a $125 million investment would represent a large minority stake in the business.
Reuters was not immediately able to ascertain what valuation the company or its advisers had arrived at for the entire business.
The deals between Tesla and rivals also could make it easier for operators to cater to virtually all EVs.
Persons:
Tesla, EVCS, Biden, Isla Binnie, Abhirup Roy, Peter Henderson, Matthew Lewis
Organizations:
YORK, Reuters, BNP, Hertz, Hilton, Tesla, Volta, stoke, Thomson
Locations:
California, EVCS, Washington and Oregon, New York, Francisco