Energy Impact Partners has joined the Series C financing of AddEnergie Technologies, a Quebec City-based charging network operator for electric vehicles. The investment increases the round’s size to C$53 million. MKB led the initial financing last year, with the participation of BDC Capital, Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and others.
February 16, 2021
NEW YORK–(BUSINESS WIRE)–Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future, announced today its participation in the latest Series C financing round for AddEnergie Technologies Inc. (FLO | AddEnergie), a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. This brings the total of the Series C round to CAD$53 million.
Founded in Quebec in 2009, FLO | AddEnergie is a leader in smart charging solutions for electric vehicles in Canada and is growing on the international scene. The company has established its market leadership through projects, among others, with Canadian utility, and EIP limited partner, Fortis, Inc. The raised capital will allow FLO | AddEnergie to partner with utilities to expand FLO®, its North American electric vehicle (EV) charging network in the U.S. and Canadian markets. The company deployed over 13,000 charging stations in 2020, expanding to cities like Los Angeles, Cincinnati and Toronto.
“Our investment in FLO | AddEnergie will support the expansion of EV charging networks across North America, and will be a catalyst for the accelerated adoption of EV’s in both the US and Canada,” said Cassie Bowe, principal at Energy Impact Partners. “We are pleased to partner with the company as they are accelerating their growth in the US and working with utilities to make EV use possible for millions of drivers in North America.”
With this latest investment, EIP has expanded its total investments in the EV transportation and mobility market to five innovative companies, including Volta, Greenlots, Viriciti, and Remix. The investment is reflective of EIP’s pursuit of partnering with companies at the intersection of electrification and mobility.
“We welcome EIP as an investor in FLO | AddEnergie,” said Louis Tremblay, President and CEO at FLO | AddEnergie. “Our FLO network, which relies on cutting edge fast charging technology and smart energy management solutions, will not only fundamentally transform the way the public thinks about transportation, but also prepare utilities for the complex challenges associated with expanded EV use. With, EIP’s support, FLO | AddEnergie will make accelerated EV adoption in the U.S. a reality.”
For more information on EIP, please visit www.energyimpactpartners.com.
About FLO | AddEnergie
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 over 35,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations center are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has an office in Montreal and regional teams located in Ontario, British Columbia, California, New York and Florida. For more information visit flo.com.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.