This news is classified in: Sustainable Energy Solar
Jan 16, 2018
Envision Solar International, Inc. the leading renewably energized EV charging, outdoor media and energy security products company, announced that it has closed its fundraising efforts on the successful completion of a $2.5M equity raise. The Company previously announced $1.5M in term debt and $3M in working capital credit to fund the execution of the Company's record backlog of orders for its EV ARC™ product.
The $2.5M equity raise, which was priced at or close to market and without any other dilutive provisions, will be used to continue the Company's increased sales and marketing investments and to fund ongoing expenses through a period of what management believes will be significant growth. The $3M in working capital will be used to execute the Company's existing backlog and growing pipeline.
Envision is currently delivering products to New York City and various California governmental organizations through multi-year contract vehicles as well as continuing to service enterprise and other government customers such as a major automotive OEM and educational and governmental institutions.
In November of 2017, Outfront Media Inc. (NYSE: OUT) announced an agreement with Envision to partner in the deployment of networks of EV ARC™ products in major US cities starting in San Diego.
"Completing this fundraising effort allows us to continue with the serious business of growing the Company," said Desmond Wheatley, President and CEO of Envision Solar. "All the macro indicators suggest that the industry opportunities we are pursuing keep getting richer. We are in a strong position to take advantage of those opportunities and we have the best products for growth, scale and rapid deployment."
"Envision is an innovative company with unique products addressing rapidly growing segments," said Peter Davidson, CEO of Aligned Intermediary, former Director of DOE's loan program and Envision board member. "We have been able to attract sophisticated investors to this last round of financing because the company and its products have matured and because of the team's demonstrated ability to win new business from top tier business and industry customers and to deliver on those orders."
The California Energy Commission estimates that the state will require around 174,000 EV charging stations to meet Governor Brown's goal of 1.5M EVs on the state's roads by 2025. Current grid-tied charging installations take an average of 9 to 18 months to install and generate significant utility bills. Envision's EV ARC™ EV charging product can be deployed in less than 10 minutes and provides a lifetime of free and clean energy. The Company views California's requirements as a significant opportunity and useful indicator of the scale of opportunity across the US and the rest of the world in the coming months and years. Envision has a multi-year mandatory contract with the State of California to supply its EV ARC™ product.
