EV charger operator EVCS seeks to raise $125 million to expand network

An electric vehicle is plugged into a charging station in Bilbao, Spain, February 15, 2023. REUTERS/Vincent West

NEW YORK (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.

A $5 billion federal program to electrify U.S. highways and a recent slew of deals by market leader Tesla to open up its charging technology to rival automakers has unleashed a capital-intensive race among charger makers and operators to offer new products and expand their networks.