AddEnergie Technologies, a Quebec City-based provider of electric vehicle charging solutions, has raised C$53 million in a Series C financing. Mackinnon, Bennett & Company led the round with participation from Business Development Bank of Canada, Caisse de dépôt et placement du Québec, Export Development Canada, Fonds de solidarité FTQ and Investissement Québec. AddEnergie also secured a new credit facility from National Bank of Canada.
QUEBEC CITY, QC – OCTOBER 30, 2020 – AddEnergie Technologies Inc. (AddEnergie) is pleased to announce the first closing of its Series C financing round. The total commitments from this $53 million financing plan will enable the company to pursue its ambitious growth strategy and accelerate the expansion of FLO®, its North American electric vehicle (EV) charging network.
“Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors” said Louis Tremblay, President and CEO of AddEnergie. “With this financing and following our successful launch in the United States we are now in a position to accelerate our growth across North America as the transition to EVs is gaining momentum and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”
The new investor syndicate is led by Mackinnon, Bennett & Company Inc. (MKB), and includes Business Development Bank of Canada, Fonds de solidarité FTQ and Export Development Canada (EDC). In addition, the company is pleased to once again count on the long-time support of its existing investors Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. The Company also recently entered into a new credit facility from National Bank of Canada’s Technology and Innovation Banking group.
“MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonization, electrification and digitization of transportation. The company has a proven track record in key markets, a competitive value proposition and is well positioned for the next phase of its expansion. As a growth equity investor in next generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition” said Antonio Occhionero, Partner, MKB.
“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion. We were there as they penetrated the Canadian and U.S. markets, and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “This investment aligns with our strategic priorities – not only does it support a Québec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”
“Québec is today considered a leader in the electrification of transportation, thanks to its numerous innovative companies like AddEnergie. We can be very proud of our cutting edge organizations that export our knowhow and activity contribute to the worldwide electric shift. The investment we are announcing today will accelerate AddEnergie’s growth and stimulate its international development” said Pierre Fitzgibbon, Minister of Economy and Innovation
A plan to grow the company’s footprint and leadership in EV charging
Despite the current pandemic, AddEnergie was able continue its progression in 2020, deploying over 11,000 charging stations in the past 12 months and expanding the FLO network to cities like Los Angeles, Cincinnati and Toronto. The company is now in a position to bring its comprehensive approach to EV charging – which includes residential, workplace, fleets, commercial, public, fast charging and more – to a growing number of markets in North America. AddEnergie will also continue its sustained investments in R&D and market development in order to maintain its leadership as a dependable, market-leading network operator, while making sure it meets the evolving needs of EV drivers in the years to come.
AddEnergie is a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. Every month, AddEnergie charging stations and its FLO network enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to 30,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations centre are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has regional offices in Montreal (Quebec), Mississauga (Ontario), Vancouver (British Columbia) and Rochester (New York).
MKB is a Montreal-based private investment firm that specializes in providing growth equity to the next generation energy and transportation sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com.
About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists businesses with export activities.