US. FLO Expands with $136M Financing

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FLO has secured $136 million in financing, led by Export Development Canada (EDC), to enhance its electric vehicle (EV) charging network in North America. This capital will fund the expansion of FLO’s charging infrastructure and the launch of new products, including the FLO Ultra fast charger and updated FLO Home residential chargers.

Key Highlights:

Largest Financing Round: FLO’s most significant funding round, spearheaded by EDC, aims to expand its U.S. and Canadian operations.

New Product Launches: Introduction of the NEVI and Buy America-compliant FLO Ultra fast charger and the next-generation FLO Home chargers.

Strategic Investments: Additional support from CDPQ, Investissement Québec, BDC, EIP, and MKB to bolster FLO’s market presence and product innovation.

“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 has been a long-standing supporter of FLO’s mission since its initial investment in 2020. Erik Brien-Wright, Partner, Mid-Market Growth Capital at EDC, will join FLO’s board of directors, reinforcing the partnership.

“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. “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 includes contributions from CDPQ, Investissement Québec, BDC, Energy Impact Partners, and MKB.

Francis Baillargeon, FLO Chief Financial Officer, stated, “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. Together we will continue our work to deliver the best charging experience for all EV drivers.”

This year marks the launch of two major new products by FLO:

FLO Ultra Charger: An advanced DC ultra-fast charger that powers most EVs to 80% in 15 minutes with 320kW of power. It meets NEVI standards and supports the Buy America Act, aligning with U.S. federal EV infrastructure initiatives.

Next-Generation FLO Home Chargers: Offering flexible options with the J3400 (NACS) or J1772 connectors, and power options of 12kW (50A) and 19.2kW (80A).