Francis Energy Secures an Additional $30M Construction Financing for Deployment of Electric Vehicle Charging Stations

TULSA, Okla., September 5, 2024 (Newswire.com) - Francis Energy, the largest awardee of National Electric Vehicle Infrastructure (NEVI) Formula Program funds, closed its second grant anticipation notes (GANs) debt facility in the municipal market to finance electric vehicle (EV) charging infrastructure with NEVI grants. Truist Securities (“Truist”) served as Sole Manager on the transaction. On the heels of its first $20 million GANs facility closed in June, this second GANs facility will provide over $30 million in additional proceeds to support Francis Energy’s nationwide expansion of its direct-current fast-charging network, providing EV drivers with accessible, reliable, safe, and affordable charging stations. Foundation Infrastructure Opportunities (“Foundation”) was a significant investor in both the initial GANs and the latest round of financing to support Francis Energy’s construction of NEVI projects.     

“Francis Energy could not be more excited about its NEVI and other federal grant success, and appreciative of the funds that have been raised to support our constructing and commissioning EV charging stations throughout the country. The commitment of the Biden administration, as well as state departments of transportation, to moving this program forward will ensure that EV charging is available in all communities,” said David Jankowsky, founder and CEO of Francis Energy. 

Susan Coskey, President of Francis Energy, added, “We are profoundly grateful for the unwavering support from government entities at all levels and our dedicated partners, whose collaboration is instrumental in advancing our mission to build out EV charging stations across America. This new construction facility made possible by Truist and Foundation is a testament to our shared commitment, furthering our vision of creating the nation’s first contiguous EV charging network 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 20,000 customers across our network, which consists of 200 locations in 12 states — Alabama, Arkansas, Florida, Illinois, Iowa, Indiana, Kansas, Missouri, New Mexico, Ohio, Oklahoma and Texas, with fast-charging station projects at various stages of development in over 30 additional states. To date, Francis Energy has received approximately $68 million in NEVI awards for 86 locations. 

About Foundation Credit

Foundation Credit is a credit-focused alternative asset management firm dedicated to sourcing, organizing, and delivering attractive investment opportunities arising from the recurring inefficiencies found across the highly fragmented and undercapitalized U.S. municipal credit and infrastructure debt markets. Foundation Credit was founded in 2012 and manages capital for institutional investors including leading pensions, endowments, foundations, insurance companies and family offices. 

Source: Francis Energy