Financing round led by Export Development Canada is the largest in company’s history
QUEBEC CITY, June 11, 2024 /PRNewswire/ – FLO, a leading North American electric vehicle (EV) charging network operator and smart charging solutions provider, has secured $136 million in long-term capital, principally from a Series E equity financing, led by Export Development Canada (EDC), to support the company’s continued growth in both the U.S. and Canada and accelerate the deployment of its reliable charging network. The investment will also help advance the rollout of FLO’s newest products, the NEVI and Buy America-compliant FLO Ultra fast charger and the next generation of FLO Home residential chargers. It will also help fund additional new charging solutions and the network expansion of FLO owned-and-operated stations at high-utilization sites with FLO’s strategic partners.
FLO Secures $136M Financing to Continue Expansion of North American Charging Network and Roll Out Key New Products including the new FLO Ultra DC charger. (CNW Group/FLO)
“This financing will help FLO continue our work to deploy reliable, critically needed EV charging infrastructure across North America,” said 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 partner in FLO’s mission, having first invested in the company in 2020 as part of its Investment Matching Program, followed by support via its Export Guarantee Program. Additionally, Erik Brien-Wright, Partner, Mid-Market Growth Capital at EDC will join FLO’s board of directors.
“FLO is a leader in the field of EV charging solutions and we have been pleased to support them in their growth journey,” said Guillermo Freire, Senior Vice-President, Mid-Market Group, and responsible for EDC’s cleantech practice. “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 equity raise is also supported by the Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), as an agent of the Québec government, Business Development Bank of Canada (BDC), Energy Impact Partners (EIP) and MacKinnon, Bennett & Company 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,” said Francis Baillargeon, FLO Chief Financial Officer. “Together we will continue our work to deliver the best charging experience for all EV drivers.”
This year, FLO is launching two significant new products – an innovative DC ultra fast charger and the next generation of residential chargers.
The new dual-port FLO Ultra charger will charge most new EVs to 80% in 15 minutes with 320kW of power. The station is capable of up to 500kW when paired with a second FLO Ultra charger. The FLO Ultra’s driver-centric design, reliable performance and ease of use make it the ideal charger for locations that include restaurants, restrooms and other amenities. The FLO Ultra charger is designed to comply with the National Electric Vehicle Infrastructure Program’s (NEVI) standards and the Buy America Act and support U.S. federal initiatives to build a cohesive, nationwide network of EV charging stations.
The FLO Ultra charger is in production with deliveries to customers beginning this month.
Last month, FLO announced the next generation of FLO Home chargers. FLO will offer three flexible options to meet the various needs of EV drivers, including the choice of either the J3400 (NACS) or J1772 connector and increased available power with 12kW (50A) and 19.2 kW (80A) options.
The new FLO Home EV chargers will be available starting this summer in the FLO store or via FLO’s distribution partners.
McCarthy Tétrault LLP acted as legal advisor to FLO for this transaction and UBS Securities Canada Inc. and National Bank Financial Inc. acted as financial advisors.
Additional 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,” said Kim Thomassin, Executive 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,” said Cassie Bowe, Partner, 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,” said Antonio Occhionero, Managing Partner 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,” said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Montréal Region.
“Expanding the EV charging network and providing faster chargers are key to EV adoption, and to reaching our climate targets,” said Susan Rohac, Managing Partner, Climate 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 Home™ and FLO Ultra™ are registered or unregistered trademarks of Services FLO Inc.
About FLOFLO is a leading North American electric vehicle (EV) charging network operator and a smart charging solutions provider. We help to overcome climate change and accelerate EV adoption through a vertically integrated business model and by delivering EV drivers the best charging experience from curbside to countryside. Every month, we enable more than 1.5 million charging events thanks to over 100,000 fast and level 2 EV charging stations deployed at public, private and residential locations. FLO operates its network across North America with facilities in Michigan and Quebec. To learn more about what “EV charging done right™” means to us, visit flo.com.
SOURCE FLO
