Friday, July 12, 2024
NewsFLO Raises $136M to Expand EV Charging Network and Launch New Products

FLO Raises $136M to Expand EV Charging Network and Launch New Products

EDC leads a significant investment to bolster FLO's EV charging network and product innovations in North America.


– FLO secures $136 million to expand its North American EV charging network and product offerings.

– Financing round led by EDC, with additional support from CDPQ, IQ, BDC, EIP, and MKB.

– New products include the FLO Ultra fast charger and next-generation FLO Home residential chargers.


FLO, a key player in North America’s electric vehicle (EV) charging network and smart charging solutions, has secured $136 million in long-term capital. The funding is largely sourced from a Series E equity financing round led by Export Development Canada (EDC) which aims to propel FLO’s growth across the U.S. and Canada.

New FLO Home Chargers: More Power, Less Time

The $136 million financing round marks the largest in FLO’s history. This capital injection will help fast-forward the deployment of a reliable EV charging network and advance the development of new products. The investment will also support the rollout of new products, including the NEVI and Buy America-compliant FLO Ultra-fast charger and the next generation of FLO Home residential chargers.

Louis Tremblay, President and CEO of FLO, emphasized the importance of this funding in continuing the deployment of essential EV charging infrastructure across North America. He acknowledged the support of the financing partners, which enables FLO to maintain its mission of combating climate change by providing a reliable EV charging network and an optimal experience for EV drivers.

EDC, a longstanding partner of FLO, first invested in the company in 2020. Erik Brien-Wright, Partner, Mid-Market Growth Capital at EDC, will join FLO’s board of directors, further solidifying the partnership. Guillermo Freire, Senior Vice-President at EDC, praised FLO’s growth and its role as a leader in EV charging solutions, highlighting the positive impact of medium-sized companies on the Canadian economy and the environment.

Other significant supporters of the equity raise include the Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), Business Development Bank of Canada (BDC), Energy Impact Partners (EIP), and MacKinnon, Bennett & Company Inc. (MKB). Francis Baillargeon, FLO’s Chief Financial Officer, expressed appreciation for the shared vision of long-term growth and strategic market expansion among the financing partners.

This year, FLO is set to launch two major new products: the FLO Ultra-fast charger and the next generation of FLO Home residential chargers. The dual-port FLO Ultra charger can power most new EVs to 80% in 15 minutes with 320kW of power, and up to 500kW when paired with a second unit. It is designed to meet NEVI standards and comply with the Buy America Act, supporting U.S. federal initiatives for a cohesive nationwide EV charging network. Production of the FLO Ultra charger is underway, with deliveries beginning this month.

Additionally, the next generation of FLO Home chargers will be available this summer, featuring three flexible options, including the choice of J3400 (NACS) or J1772 connectors, and increased power options of 12kW (50A) and 19.2kW (80A).

Advertisement

Trending Now

Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.