Francis Energy Secures $20M Construction Financing for Deployment of Electric Vehicle Charging Stations
TULSA, Okla., June 5, 2024 (Newswire.com) - Francis Energy, the largest awardee of National Electric Vehicle Infrastructure (NEVI) Formula Program funds, closed the country’s first grant anticipation notes (GANS) debt facility in the municipal market to finance electric vehicle (EV) charging infrastructure with NEVI grants. Truist Securities served as Sole Manager on the transaction. Over $20 million in proceeds from the facility will support Francis Energy’s nationwide expansion of its direct-current fast-charging network, providing EV drivers with accessible, reliable, safe, and affordable charging stations.
“We commend the Biden administration for its commitment to the electrification of transportation in all communities: urban, rural, disadvantaged, Tribal and underserved. And we appreciate the tireless effort state departments of transportation have expended administering this federal program,” said David Jankowsky, Founder and CEO of Francis Energy.
Susan Coskey, President of Francis Energy, added, “This construction facility will help further our mission of building the nation’s first contiguous fast charging network, expanding opportunities and options for current and future EV drivers, and leaving no community behind.”
About Francis Energy
Francis Energy is an award-winning leader in the development of EV charging infrastructure, with one of the largest networks in the country. In 2019, Francis Energy built across Oklahoma the first contiguous, statewide network of direct-current fast-chargers in the nation. Francis now serves over 16,000 customers across their network, which consists of 185 locations in ten states: Alabama, Arkansas, Illinois, Iowa, Indiana, Kansas, Missouri, New Mexico, Ohio, and Oklahoma with fast-charging station projects at various stages of development in over 20 additional states. To date, Francis Energy has received over $60M in NEVI awards for 75 locations.
Source: Francis Energy, LLC
