FLO announced that the company wrapped up their latest investment round during their Series E equity financing round. During this series, FLO raised $136 million of long-term capital, led by Export Development Canada.
The investment will help FLO roll out several new products, including the NEVI, the FLO Ultra fast charger, which is Buy America-Compliant, and the next generation of the FLO Home residential charger. In addition, FLO confirmed they will also use part of the financing to fund the development of new charging solutions and support continued network expansions.
FLO President and CEO Louis Tremblay had this to say:
“This financing will help FLO continue our work to deploy reliable, critically needed EV charging infrastructure across North America. 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.”
Other than Export Development Canada, other government entities and private investors in the Series E round included Caisse de dépôt et placement du Québec, Investissement Québec, as an agent of the Québec government, Business Development Bank of Canada, Energy Impact Partners and MacKinnon, Bennett & Company Inc.
