Francis Energy Secures $20M Construction Financing for Deployment of Electric Vehicle Charging Stations

Francis Energy, the largest recipient of the National Electric Vehicle Infrastructure (NEVI) Formula Program funds, has secured a $20 million financing facility. This marks the first grant anticipation notes (GANS) debt facility in the municipal market aimed at funding electric vehicle (EV) charging infrastructure using NEVI grants. Truist Securities acted as the Sole Manager for the transaction.

The facility's proceeds will enable Francis Energy to expand its nationwide direct-current fast-charging network, ensuring accessible and affordable EV charging stations. David Jankowsky, Founder and CEO, praised the Biden administration's commitment to transportation electrification across all communities. He also acknowledged the efforts of state transportation departments in administering the NEVI program.

Susan Coskey, President of Francis Energy, emphasized that the construction facility will advance their mission to build the first contiguous fast-charging network in the nation, expanding opportunities for current and future EV drivers and ensuring no community is left behind.