Flo has secured CA$136m in long-term capital, principally from a Series E equity financing, led by Export Development Canada (EDC)
The funding is to support the company's continued growth in both the US and Canada and accelerate the deployment of its 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 additional new charging solutions and the network expansion of Flo owned-and-operated stations at high-utilisation sites with Flo's strategic partners.
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).
"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," said Francis Baillargeon, Flo chief financial officer. "Together we will continue our work to deliver the best charging experience for all EV drivers."
This year, FLO is launching two significant new products – an innovative DC ultra fast charger and the next generation of residential chargers.
The new dual-port Flo Ultra charger will charge most new EVs to 80% in 15 minutes with 320kW of power. The station is capable of up to 500kW when paired with a second Flo Ultra charger. The device is in production with deliveries to customers beginning this month.
Last month, the company announced the next generation of Flo Home chargers. Three flexible options will be offered to meet the various needs of EV drivers, including the choice of either the J3400 (NACS) or J1772 connector and increased available power with 12kW (50A) and 19.2 kW (80A) options.
The new Home EV chargers will be available starting this summer in the Flo store or via the company's distribution partners.
