FLO Secures $136M Financing to Proceed Growth of North American Charging Community

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FLO Secures $136M Financing to Proceed Growth 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 automobile (EV) charging community operator and good 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 assist the corporate’s continued development in each the U.S. and Canada and speed up the deployment of its dependable charging community. The funding can even assist advance the rollout of FLO’s latest merchandise, the NEVI and Purchase America-compliant FLO Extremely quick charger and the subsequent era of FLO Dwelling residential chargers. It is going to 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 assist FLO proceed our work to deploy dependable, critically wanted EV charging infrastructure throughout North America,” stated Louis Tremblay, FLO President and CEO. “I’m grateful to our financing companions who consider in FLO and our mission to assist overcome local weather change by engineering and working probably the most dependable EV charging community and by delivering the very best expertise for EV drivers.”

EDC is a long-time companion in FLO’s mission, having first invested within the firm in 2020 as a part of its Funding Matching Program, adopted by assist by way of its Export Assure Program. Moreover, Erik Brien-Wright, Companion, Mid-Market Progress Capital at EDC will be a part of FLO’s board of administrators.

“FLO is a pacesetter within the discipline of EV charging options and we now have been happy to assist them of their development journey,” stated Guillermo Freire, Senior Vice-President, Mid-Market Group, and accountable for EDC’s cleantech follow. “FLO is a main instance of the success of Canadian cleantech and the constructive impacts that medium-segment corporations have on the Canadian financial system. We’ve got witnessed their spectacular development over a brief interval, and we look ahead to seeing them leverage this fairness financing to scale throughout North America and ship their subsequent era of modern network-connected EV charging merchandise and options that allow a low-carbon future.”

The fairness increase can also 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’re glad that FLO’s financing companions share our imaginative and prescient: long-term development, a worthwhile enterprise mannequin and strategic market growth by way of each the sale and possession of dependable infrastructure,” stated Francis Baillargeon, FLO Chief Monetary Officer. “Collectively we are going to proceed our work to ship the very best charging expertise for all EV drivers.”

This yr, FLO is launching two vital new merchandise — an modern DC extremely quick charger and the subsequent era 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 embody 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 assist 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 era 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 out there energy with 12kW (50A) and 19.2 kW (80A) choices.

The brand new FLO Dwelling EV chargers will probably be out there beginning this summer time within the FLO retailer or by way of 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.

Extra quotes:

“We’ve backed FLO’s development momentum for practically a decade now. We have been there when the corporate expanded throughout Canada, after which into the U.S., and now we’re proud to reaffirm our long-term assist for this main chief within the promising transportation electrification sector. This funding by CDPQ will speed up FLO’s deployment into new markets and foster the commercialization of recent merchandise,” stated Kim Thomassin, Govt Vice-President and Head of Québec at CDPQ.

“FLO’s continued deal with unparalleled high quality and reliability has helped considerably transfer ahead EV infrastructure throughout North America,” stated Cassie Bowe, Companion, EIP. “That is notably thrilling within the U.S. the place we’d like extra dependable EV chargers. EIP seems to be ahead to additional supporting FLO’s momentum and mission in offering the very best charging expertise for all EV drivers.”

“FLO is accelerating EV adoption with their class main vertically built-in EV charging options,” stated Antonio Occhionero, Managing Companion of MKB. “We’re happy to pledge our continued assist to this robust and trusted administration crew.”

“To speed up the shift to electrical transportation, we have to develop a dependable and efficient community of charging stations. With FLO, we’re supporting a rising Québec participant that’s enjoying an important position in assembly this main problem,” stated Pierre Fitzgibbon, Minister of Economic system, Innovation and Power, Minister Answerable for Regional Financial Growth and Minister Answerable for the Montréal Area.

“Increasing the EV charging community and offering quicker chargers are key to EV adoption, and to reaching our local weather targets,” stated Susan Rohac, Managing Companion, Local weather Tech Fund at BDC. “BDC is constructed to assist corporations like FLO who’ve the ambition to maintain lowering GHG emissions and to construct a greener future.”

FLO®, FLO HomeTM and FLO UltraTM are registered or unregistered logos of Providers FLO Inc.

Press launch from FLO.