FLO Receives $136 Million To Expand EV Charging Network In North America

FLO has guaranteed a substantial $136 million in long-term capital through Series E equity financing, primarily led by Export Development Canada (EDC), for company growth and to expand its electric vehicle (EV) charging network in North America,

EDC has been a partner of FLO since it first invested in the company in 2020 and continues to support its growth trajectory. Furthermore, the investment that FLo has secured is aimed at facilitating the rollout of FLO’s latest offerings. These include the NEVI and Buy America-compliant FLO Ultra fast charger, as well as the next generation of FLO Home residential chargers.

In terms of capabilities, the FLO Ultra Charger is designed to charge a majority of new EV models from 10% to 80% in just 15 minutes through its driver-centric design and reliable performance. As for the upgraded FLO Home Chargers, it will provide flexible charging options to meet the diverse needs of EV owners.

In addition, the investment will also be aimed at developing new charging solutions while expanding FLO’s charging network of owned-and-operated stations at high-utilization sites through strategic partnerships, where the equity raise received additional backing from key stakeholders including Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), Business Development Bank of Canada (BDC), Energy Impact Partners (EIP), and others.

Guillermo Freire, Senior Vice-President of Mid-Market Group, elaborated on the investment in FLO stating, “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.”

With the $136 million investment assisting FLO in the charging infrastructure space, the company will certainly strengthen its position as a provider of EV charging solutions in North America. As FLO recently debuted the Ultra DC Fast Chargers in Michigan, FLO’s expansion efforts to bolster its presence in other states in the U.S. and other provinces in Canada will see an acceleration of reliable charging networks.

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