FLO wins $136 million to expand charging network

North American charging operator FLO has secured $136 million in long-term capital in a Series E equity financing round. The money will be used to grow its EV charging network in the US and Canada.

According to FLO, the new capital will also be used to roll out the company’s newest products, the FLO Ultra fast charger and the next generation of FLO Home residential chargers. The former does comply with the NEVI and Buy America programme and can thus be subsidised.

Moreover, when paired with a second FLO Ultra charger, the Ultra charger offers 320kW of power – and even up to 500 kW. It is already in production, and FLO says it will deliver the first units before the end of the month.

Export Development Canada (EDC), a long-time partner of FLO, led the funding round. EDC first invested in the company in 2020. Other investors in this funding round include 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).

“This financing will help FLO continue our work to deploy reliable, critically needed EV charging infrastructure across North America,” said FLO President and CEO Louis Tremblay. “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.”

newswire.ca