EVC PARTNERS

The purpose of EVC Partners is to:

  • Identify and put under control (via acquisition, options if possible) a portfolio of sites for inter-city EV charging stations for light duty vehicles and medium and heavy-duty trucks, along with ancillary uses (e.g., food, convenience store, etc.) at such stations. The venture will focus on locations along major highway corridors designated as Alternative Fuel Corridors, starting in California and then moving on to Oregon and Washington (sites within 1 mile of an access point to such corridors are eligible for federal electric vehicle infrastructure funding). The venture may expand beyond those three states as funding and opportunities permit.

  • Undertake work necessary to prepare sites for development and for lease or acquisition by or joint ventures with developers/operators of EV charging stations including:

    • Entitling the sites for their intended use, to the extent that the sites are not already entitled for such use;

    • Obtaining approval of site plans for the EV charging stations and ancillary uses and, as appropriate, for proposed uses on the residual land within sites not proposed to be utilized for EV charging (e.g., other highway commercial uses)

    • Commencing the studies by the relevant utilities to identify what improvements/upgrades will be required to provide the electricity service needed to support the operation of such sites; and

    • Undertaking other activities as needed to move sites toward a development ready state.

  • Sell or lease such sites to developers/operators of EV charging stations or enter in joint ventures with such developers/operators and sell or lease the residual land Confidential 6 within the properties acquired by EVC Partners that is not needed for EV charging stations to provide additional revenues for the venture.

In selecting sites, EVC Partners will target sites that can be purchased at prices that will best enable EVC Partners to successfully exit properties in the event any such sites are not utilized for EV charging stations (for more information, see the Property Pipeline and Risks/Risk Mitigation sections below). In addition, EVC Partners will generally target sites that can accommodate an EV charging station (with ancillary facilities) of up to 20 acres, although some sites by necessity may be smaller in size. EVC Partners will utilize the additional acreage beyond that needed for an EV Charging Station, to generate additional revenues through:

  • The sale or lease of such acreage for valuable uses such as highway commercial (e.g., restaurants, hotels/motels, fueling stations, etc.); and/or

  • The sale or lease of such acreage for uses that support an EV Charging station or have synergies with infrastructure developed for an EV charging station (e.g., battery storage, solar power generation).

While the focus of EVC Partners is inter-city EV charging sites for light duty vehicles and medium and heavy-duty trucks, the platform may also encompass depot sites and urban locations, as well as provision of other transitional and alternative clean fuels (e.g., R-CNG, green hydrogen, etc.) on properties optioned or acquired by EVC Partners. While the core business plan will be to get sites ready for development, EVC Partners may also improve sites, undertake energy improvements to sites, and reserve electric service capacity for sites if undertaking such site and power improvements and capacity reservation are financially beneficial to the venture and if capital is available for such purposes.