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Flo secures $136 million in financing to expand its EV charging network across North America and roll out innovative new products, including the FLO Ultra fast charger and next-generation FLO Home residential chargers. Key investors, including Export Development Canada, support this largest financing round in the company’s history to enhance EV infrastructure and promote sustainability. This funding will significantly improve charging accessibility and convenience for EV drivers.
New $136M Financing
Flo, a leading North American electric vehicle (EV) charging network operator, has secured $136 million in long-term capital. This significant financing round, led by Export Development Canada (EDC), is the largest in the company’s history. The funding will support Flo’s growth across the U.S. and Canada, focusing on expanding its reliable charging network. Other key investors include Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec (IQ), Business Development Bank of Canada (BDC), Energy Impact Partners (EIP), and MacKinnon, Bennett & Company Inc. (MKB).
Flo’s Mission: Revolutionizing EV Charging
Flo is dedicated to overcoming climate change by providing reliable EV charging solutions. As a vertically integrated company, Flo handles everything from design to deployment, ensuring high-quality service at every level. The company’s mission centers on accelerating EV adoption by delivering the best possible charging experience. Flo supports over 1.5 million charging events monthly through more than 100,000 fast and level 2 EV charging stations at public, private, and residential locations across North America.
Expanding the Charging Network Across North America
Flo plans to use the newly secured financing to expand its EV charging network significantly. This expansion includes deploying new charging stations at high-utilization sites in partnership with strategic allies. By enhancing the availability of reliable charging infrastructure, Flo aims to facilitate greater EV adoption. The expansion will focus on both urban and rural areas, ensuring widespread access to charging stations for all EV drivers. This growth is expected to have a substantial impact on the overall EV infrastructure, making EV driving more convenient and practical.
Innovative New Products on the Horizon
Flo is set to introduce several innovative new products as part of its expansion plans. These include the NEVI and Buy America-compliant FLO Ultra fast charger, which features 320kW power and can charge most new EVs to 80% in just 15 minutes. When paired with a second FLO Ultra charger, the station’s capacity can reach up to 500kW. This fast charger is designed to comply with the National Electric Vehicle Infrastructure Program’s standards and support U.S. federal initiatives to build a cohesive nationwide EV charging network.
Additionally, Flo is launching the next generation of FLO Home residential chargers, offering flexible options to meet various EV drivers’ needs. The new chargers include the choice of either the J3400 (NACS) or J1772 connector and increased power options with 12kW (50A) and 19.2kW (80A) configurations. These residential chargers will be available through Flo’s store and distribution partners, providing EV owners with more convenient and efficient home charging solutions.
Strategic Leadership and Partnerships
The success of Flo is driven by a strong leadership team and strategic partnerships. Louis Tremblay, President and CEO of Flo, emphasizes the importance of this financing in advancing the company’s mission. Erik Brien-Wright, Partner at EDC, joins Flo’s board of directors, bringing valuable expertise and support. Guillermo Freire, Senior Vice-President at EDC, highlights Flo’s role in the Canadian cleantech sector and its impressive growth. The collaboration with partners like CDPQ, IQ, BDC, EIP, and MKB underscores the confidence in Flo’s business model and long-term growth potential.
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The Future of EV Charging: Flo’s Vision
Flo’s long-term goals include continued innovation and expansion in the EV charging sector. The company plans to leverage the new financing to scale its operations across North America, ensuring that EV drivers have access to the most advanced charging solutions. Future developments will focus on enhancing technology and infrastructure, maintaining Flo’s reputation for quality and reliability. By staying at the forefront of the industry, Flo aims to contribute significantly to the reduction of greenhouse gas emissions and the promotion of a low-carbon future.
What This Means for EV Drivers
The $136 million financing and the introduction of new products will bring several practical benefits to EV drivers. The enhanced charging network will provide more reliable and accessible charging options, reducing range anxiety and making EV ownership more convenient. Key benefits for EV drivers include:
- Faster charging times with the new FLO Ultra chargers
- Increased availability of charging stations in both urban and rural areas
- Advanced home charging options with the next-generation FLO Home chargers
These improvements will support the broader adoption of electric vehicles, contributing to environmental sustainability and helping to meet climate targets.
Flo’s Continued Growth and Innovation
Flo’s achievements and future plans mark a significant milestone in the EV charging industry. The recent financing will accelerate the deployment of innovative charging solutions and expand the network across North America. As Flo continues to grow and innovate, it will play a crucial role in shaping the future of EV infrastructure and supporting the transition to electric transportation. The company’s commitment to delivering the best charging experience will remain at the core of its operations, ensuring that EV drivers have the support they need as they navigate the shift to sustainable mobility.
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