FLO | AddEnergie welcomes Energy Impact Partners as strategic investor
QUEBEC CITY, QC – FEBRUARY 16, 2021 – AddÉnergie Technologies Inc., operator of the FLO EV charging network (FLO | AddEnergie), is pleased to announce that Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future, is now one of the company’s investors, following the final closing of FLO | AddEnergie’s Series C financing round.
“We are thrilled to formally welcome EIP among FLO | AddEnergie’s investors. In addition to sharing our passion to build a more sustainable future, EIP brings their extensive experience supporting clean technology success stories, as well as an established global network. They are one of the most experienced and sophisticated investors in the EV charging ecosystem. As we accelerate the expansion of our footprint in the US market, EIP’s is an excellent addition to an already very strong group of shareholders” said Louis Tremblay, President and CEO of FLO | AddEnergie.
Headquartered in New York City, with offices in multiple locations in the US and in Europe, EIP now has over US$1.5 billion in assets under management. EIP is a differentiated investment platform that has built a coalition of some of the world’s largest and most innovative utilities as investors, with the goal of facilitating mutually beneficial commercial arrangements between the companies it invests in and the utilities and other market leaders that comprise its investor base, giving its portfolio companies unique access to a broad group of global customers to accelerate their growth. The platform has a proven, collaborative engagement model that elevates insights and best practices, invests in transformative businesses, and supports the growth of clean technology companies such as FLO | AddEnergie.
“The EV charging market provides an enormous opportunity in today’s increasingly electrified transportation landscape,” said Cassie Bowe, principal at EIP. “We chose to invest in FLO | AddEnergie due to the company’s industry leading uptime and reliability, leadership of the Canadian market, and strong growth trajectory in the US based on proven deployments in high profile markets such as Los Angeles. We are thrilled to join the FLO | AddEnergie team as an investor and expand our leadership in EV charging investments.”
“EIP’s decision to become one of our investors represents an important endorsement for FLO | AddEnergie and our customer-focused vertically integrated business model. EIP sees the enormous possibilities of our vision and believes in our ability to achieve it and to make an impact by reducing carbon emissions. Our US market ambitions were at the core of our most recent financing round, and EIP’s broad US experience and insight were a major attraction that allows us unique access to one of our key target segments, the utility sector” added Louis Tremblay. “While there are multiple investment vehicles actively looking for opportunities in our sector, we particularly appreciate investors who can bring commercial benefits to accelerate the growth of our company.”
FLO | AddEnergie’s Series C financing
The first closing of the Series C financing round was announced on October 30, 2020 with a new investor syndicate led by Mackinnon, Bennett & Company Inc. (MKB). Long-time company investors Caisse de dépôt et placement du Québec and Investissement Québec were also participants in the first closing, as well as other institutional investors. EIPs investment comes as the second and final closing of the series and confirms the $53 M financing plan previously announced.
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 centre 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.
Director, Communications and Public Affairs
FLO | AddEnergie