SAN DIEGO, CA–(Marketwired – January 16, 2018) – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), 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.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company who’s unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage and EnvisionMedia solar advertising displays.
Based in San Diego the company produces Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information, visit www.envisionsolar.com or call (866) 746-0514.
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. Statements contemplating or making assumptions regarding actual or potential sales, market size and demand, prospective business contracts, customer orders, trends or operating results also constitute forward looking statements. Our actual results may differ substantially from those indicated in forward looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.
Envision Solar International, Inc.
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