EVCS is seeking to raise $125m for an expansion of its public EV charging network eightfold by 2025, Reuters reported.
EVCS plans to add 1840 fast chargers by 2025 to its current 260, particularly within the US states of California, Washington and Oregon, according to Reuters.
The electric vehicle (EV) charger operator is looking to profit from the US government’s push to reduce carbon emissions in line with its 2022 Inflation Act.
Washington aims to decrease emissions by roughly 40%, providing incentives for EV companies, it pushes for EVs to make up 50% of US new vehicle sales by 2030.
The US government’s infrastructure law set aside $5bn in 2021 for the project.
Biden’s administration plans to electrify highways with a network of 1.2 million public chargers by 2030, according to a statement by the White House.
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On the 9th June 2023, the White House announced that EV charging stations with Tesla’s standard plugs would qualify for federal subsidies in the billions if they include U.S. charging standard connection.
General Motors and Ford have agreed to adopt Tesla’s North American charging plug standard, in return for the company’s EVs being able to recharge at Tesla’s supercharger network.
Biden’s administration has attempted to reduce reliance on China for the processing and refinement of critical minerals.
The US and the EU are working toward a preliminary agreement on the supply of critical minerals used in EVs, allowing European minerals to qualify for tax credits.