FLO, a North American electric vehicle charging network operator, 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 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 new charging solutions and the network expansion of FLO owned-and-operated stations at high-usage sites with 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.”
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.
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).
The new dual-port FLO Ultra charger will charge most new EVs to 80% in 15 minutes with 320 kW of power. The station is capable of up to 500 kW 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 including restaurants, restrooms and other amenities. This charger is in production with deliveries to customers beginning in June 2024.
FLO recently announced the next generation of FLO Home chargers. Three flexible options will meet the various needs of EV drivers, including the choice of either the J3400 (NACS) or J1772 connector and increased available power with 12-kW (50-amp) and 19.2-kW (80-amp) options. These chargers will be available starting in summer 2024.