Flo secures financing to expand North American charging network
Electric vehicle (EV) charging systems provider and network operator Flo announced that it has secured a new round of financing that will be used to continue the company’s growth in Canada and the United States.
The $136 million in long-term capital, principally from a Series E equity financing, led by Export Development Canada (EDC), 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.
"This financing will help Flo continue our work to deploy reliable, critically needed EV charging infrastructure across North America," says 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."
READ: Flo and Metro to add EV chargers at 130 locations in Quebec and Ontario
"Flo is a leader in the field of EV charging solutions and we have been pleased to support them in their growth journey," adds Guillermo Freire, senior vice-resident, 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."
"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," says Francis Baillargeon, Flo chief financial officer. "Together we will continue our work to deliver the best charging experience for all EV drivers."
