FLO Secures $136M Financing to Continue Expansion of North American Charging Network and Roll Out Key New ProductsQUEBEC CITY — FLO, a leading North American electric vehicle charging network operator and smart charging solutions provider, has secured $136 million in long-term capital, principally from a Series E equity financing, led by Export Development Canada , to support the company’s continued growth in both the U.S.
“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, and responsible for EDC’s cleantech practice. “FLO is a prime example of the success of Canadian cleantech and the positive impacts that medium-segment companies have on the Canadian economy.
This year, FLO is launching two significant new products — an innovative DC ultra fast charger and the next generation of residential chargers. McCarthy Tétrault LLP acted as legal advisor to FLO for this transaction and UBS Securities Canada Inc. and National Bank Financial Inc. acted as financial advisors.“We’ve backed FLO’s growth momentum for nearly a decade now. We were there when the company expanded across Canada, and then into the U.S., and now we’re proud to reaffirm our long-term support for this major leader in the promising transportation electrification sector.