VC-backed FLO secures C$60 million revolving credit facility

• The facility’s proceeds will help FLO to accelerate the growth of its North American EV charging network
• Every month, FLO enables more than 1,000,000 charging events thanks to over 95,000 fast and level 2 EV charging stations
• The company’s investors include BDC Capital, Caisse de dépôt et placement du Québec, Energy Impact Partners, Fonds de solidarité FTQ and Mackinnon, Bennett & Company

FLO, a Quebec City-based electric vehicle (EV) charging company and a smart charging solutions provider, has raised a C$60 million revolving credit facility.

The facility was provided by the National Bank of Canada through its technology and innovation banking group. It represents an increase from a C$20 million facility in 2021, further helping FLO to accelerate the growth of its North American EV charging network.

Every month, FLO enables more than 1,000,000 charging events thanks to over 95,000 fast and level 2 EV charging stations deployed at public, private and residential locations. The company reports experiencing growth over the last 24 months, more than doubling its workforce and expanding further into the US market.

“For over twenty-five years, our group has partnered with Canadian success stories, and FLO is among them,” said Tuyen Vo, head of technology and innovation banking. “National Bank is dedicated to supporting a smooth and inclusive energy transition to a low-carbon economy. We are happy to support FLO’s business plan. This additional credit facility is a testament to the FLO team and all the work they have done to expand reliable EV charging infrastructure in North America.”

FLO’s venture capital investors include BDC Capital, Caisse de dépôt et placement du Québec, Energy Impact Partners, Fonds de solidarité FTQ and Mackinnon, Bennett & Company.