FLO Secures $136M Financing to Continue Expansion of North American Charging Network and Roll Out Key New Products
June 24, 2024
FLO 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.
“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.
