WionDrive News Desk 
FLO, a prominent North American electric vehicle (EV) charging network operator and smart charging solutions provider, has secured USD 136 million in long-term capital funding. The financing was principally achieved through a Series E equity financing round led by Export Development Canada (EDC). This investment will fuel FLO’s continued growth and expansion in both the United States and Canada, accelerating the deployment of its reliable charging network.
The funding will also support 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. Additionally, it will finance the development of additional new charging solutions and the network expansion of FLO-owned and -operated stations at high-utilization sites in collaboration with strategic partners.
Louis Tremblay, FLO’s President and CEO, expressed gratitude to the financing partners for their belief in FLO’s mission to combat climate change by engineering and operating the most reliable EV charging network, delivering the best possible experience for EV drivers.
EDC, a long-standing partner in FLO’s mission, first invested in the company in 2020 through its Investment Matching Program and later provided support via its Export Guarantee Program. 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).
Francis Baillargeon, FLO’s Chief Financial Officer, expressed confidence that FLO’s financing partners share the company’s vision of long-term growth, a profitable business model, and strategic market expansion through both the sale and ownership of reliable infrastructure, enabling the delivery of 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 can charge most new EVs to 80% in 15 minutes with 320kW of power and is capable of up to 500kW when paired with a second FLO Ultra charger. The FLO Ultra’s driver-centric design, reliable performance, and ease of use make it ideal for locations with amenities like restaurants and restrooms. The FLO Ultra charger is designed to comply with the National Electric Vehicle Infrastructure Program’s (NEVI) standards and the Buy America Act, supporting U.S. federal initiatives to build a cohesive, nationwide network of EV charging stations. The FLO Ultra charger is in production, with deliveries to customers beginning this month.
Last month, FLO announced the next generation of FLO Home chargers, offering three flexible options 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 FLO Home EV chargers will be available starting this summer in the FLO store or via FLO’s distribution partners.
