CPE News (9.25.2023) – FLO has secured a $60 million revolving credit facility from National Bank of Canada, via its Technology and Innovation Banking Group.
This credit facility represents an increase from a $20 million facility in 2021, further enabling FLO to accelerate the growth of its North American EV charging network as it continues significant expansion across Canada and the United States.
Led by Louis Tremblay, FLO is a leading North American electric vehicle (EV) charging network operator and a smart charging solutions provider.
FLO is principally backed by Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec and Energy Impact Partners, with additional support from Mackinnon, Bennett & Company Inc. (MKB), BDC Capital, Fonds de solidarité FTQ, and Export Development Canada (EDC).
photo credit: FLO
News Release
FLO Secures $60 Million Credit Facility from National Bank’s Technology and Innovation Banking Group
Funding allows FLO to further fund the growth of its operations
QUEBEC CITY , Sept. 25, 2023 /CNW/ – FLO, a leading North American electric vehicle (EV) charging company and a smart charging solutions provider, announced it secured a C$60 million revolving credit facility from National Bank of Canada, via its Technology and Innovation Banking Group, This credit facility represents an increase from a $20 million facility in 2021, further enabling FLO to accelerate the growth of its North American EV charging network as it continues significant expansion across Canada and the United States.
“This arrangement is another endorsement of FLO’s successful business strategy and recognition of our growth as we continue to witness incredible momentum in our industry,” said Louis Tremblay, FLO President and CEO. “Our renewed and long-standing business relationship with the National Bank of Canada positions FLO to continue its ambitious strategy, support sustainable development and cement its role in ushering in a zero-emissions transportation future.
FLO has experienced tremendous growth over the last 24 months, more than doubling its workforce and expanding further into the U.S. 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.”
For more on FLO’s products and mission, visit flo.com.
About FLO
FLO is a leading North American electric vehicle (EV) charging network operator and a smart charging solutions provider. We help to overcome climate change and accelerate EV adoption through a vertically integrated business model and by delivering EV drivers the best charging experience from curbside to countryside. Every month, we enable more than 1 million charging events thanks to over 95,000 fast and level 2 EV charging stations deployed at public, private and residential locations. FLO operates its network across North America and our high-quality charging stations are assembled with care in Michigan and Quebec. To learn more about what “EV charging done right™” means to us, visit flo.com.
FLO® is a registered trademark of Services FLO Inc.
SOURCE FLO
For further information: Andrea Knapp, media@flo.com