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FLO Secures $136M Financing to Proceed Enlargement of North American Charging Community and Roll Out Key New Merchandise
Financing spherical led by Export Growth Canada is the most important in firm’s historical past
QUEBEC CITY — FLO, a number one North American electrical car (EV) charging community operator and sensible charging options supplier, has secured $136 million in long-term capital, principally from a Sequence E fairness financing, led by Export Growth Canada (EDC), to help the corporate’s continued progress in each the U.S. and Canada and speed up the deployment of its dependable charging community. The funding will even assist advance the rollout of FLO’s latest merchandise, the NEVI and Purchase America-compliant FLO Extremely quick charger and the subsequent technology of FLO Dwelling residential chargers. It should additionally assist fund further new charging options and the community growth of FLO owned-and-operated stations at high-utilization websites with FLO’s strategic companions.
“This financing will help FLO continue our work to deploy reliable, critically needed EV charging infrastructure across North America,” mentioned Louis Tremblay, FLO President and CEO. “I am grateful to our financing partners who believe in FLO and our mission to help overcome climate change by engineering and operating the most reliable EV charging network and by delivering the best possible experience for EV drivers.”
EDC is a long-time accomplice in FLO’s mission, having first invested within the firm in 2020 as a part of its Funding Matching Program, adopted by help through its Export Assure Program. Moreover, Erik Brien-Wright, Accomplice, Mid-Market Progress Capital at EDC will be part of FLO’s board of administrators.
“FLO is a leader in the field of EV charging solutions and we have been pleased to support them in their growth journey,” mentioned Guillermo Freire, Senior Vice-President, Mid-Market Group, and liable for EDC’s cleantech observe. “FLO is a prime example of the success of Canadian cleantech and the positive impacts that medium-segment companies have on the Canadian economy. We have witnessed their impressive growth over a short period, and we look forward to seeing them leverage this equity financing to scale across North America and deliver their next generation of innovative network-connected EV charging products and solutions that enable a low-carbon future.”
The fairness increase can be supported by the Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), as an agent of the Québec authorities, Enterprise Growth Financial institution of Canada (BDC), Power Influence Companions (EIP) and MacKinnon, Bennett & Firm Inc. (MKB).
“We are glad that FLO’s financing partners share our vision: long-term growth, a profitable business model and strategic market expansion via both the sale and ownership of reliable infrastructure,” mentioned Francis Baillargeon, FLO Chief Monetary Officer. “Together we will continue our work to deliver the best charging experience for all EV drivers.”
This yr, FLO is launching two important new merchandise — an revolutionary DC extremely quick charger and the subsequent technology of residential chargers.
The brand new dual-port FLO Extremely charger will cost most new EVs to 80% in quarter-hour with 320kW of energy. The station is able to as much as 500kW when paired with a second FLO Extremely charger. The FLO Extremely’s driver-centric design, dependable efficiency and ease of use make it the best charger for areas that embrace eating places, restrooms and different facilities. The FLO Extremely charger is designed to adjust to the Nationwide Electrical Automobile Infrastructure Program’s (NEVI) requirements and the Purchase America Act and help U.S. federal initiatives to construct a cohesive, nationwide community of EV charging stations.
The FLO Extremely charger is in manufacturing with deliveries to prospects starting this month.
Final month, FLO introduced the subsequent technology of FLO Dwelling chargers. FLO will provide three versatile choices to satisfy the varied wants of EV drivers, together with the selection of both the J3400 (NACS) or J1772 connector and elevated accessible energy with 12kW (50A) and 19.2 kW (80A) choices.
The brand new FLO Dwelling EV chargers shall be accessible beginning this summer season within the FLO retailer or through FLO’s distribution companions.
McCarthy Tétrault LLP acted as authorized advisor to FLO for this transaction and UBS Securities Canada Inc. and Nationwide Financial institution Monetary Inc. acted as monetary advisors.
Further quotes:
“We’ve backed FLO’s growth momentum for nearly a decade now. We were there when the company expanded across Canada, and then into the U.S., and now we’re proud to reaffirm our long-term support for this major leader in the promising transportation electrification sector. This investment by CDPQ will accelerate FLO’s deployment into new markets and foster the commercialization of new products,” mentioned Kim Thomassin, Government Vice-President and Head of Québec at CDPQ.
“FLO’s continued focus on unparalleled quality and reliability has helped significantly move forward EV infrastructure across North America,” mentioned Cassie Bowe, Accomplice, EIP. “This is particularly exciting in the U.S. where we need more reliable EV chargers. EIP looks forward to further supporting FLO’s momentum and mission in providing the best charging experience for all EV drivers.”
“FLO is accelerating EV adoption with their class leading vertically integrated EV charging solutions,” mentioned Antonio Occhionero, Managing Accomplice of MKB. “We are pleased to pledge our continued support to this strong and trusted management team.”
“To accelerate the shift to electric transportation, we need to develop a reliable and effective network of charging stations. With FLO, we are supporting a growing Québec player that is playing a vital role in meeting this major challenge,” mentioned Pierre Fitzgibbon, Minister of Financial system, Innovation and Power, Minister Accountable for Regional Financial Growth and Minister Accountable for the Montréal Area.
“Expanding the EV charging network and providing faster chargers are key to EV adoption, and to reaching our climate targets,” mentioned Susan Rohac, Managing Accomplice, Local weather Tech Fund at BDC. “BDC is built to support companies like FLO who have the ambition to keep reducing GHG emissions and to build a greener future.”
FLO®, FLO HomeTM and FLO UltraTM are registered or unregistered emblems of Providers FLO Inc.
Press launch from FLO.
