FLO, a North American electric vehicle (EV) charging network operator, has secured $136 million in long-term capital from a Series E equity financing led by Export Development Canada (EDC). Funds will be used to support the company’s growth in the US and Canada and accelerate the deployment of its charging network.
The investment will also help advance the rollout of the company’s newest products, the NEVI and Buy America-compliant FLO Ultra fast charger and the next generation of FLO Home residential chargers — while funding additional new charging solutions and the network expansion of FLO owned-and-operated stations at high-use sites with FLO’s partners.
“We are glad that FLO’s financing partners share our vision: long-term growth, a profitable business model, and strategic market expansion via both the sale and ownership of reliable infrastructure,” said Francis Baillargeon, FLO chief financial officer. “Together we will continue our work to deliver the best charging experience for all EV drivers.”
This year, FLO is also launching two new products: an innovative dc ultra fast charger and the next generation of residential chargers. The new dual-port FLO Ultra charger will charge most new EVs to 80% in 15 minutes with 320kW of power. The station is capable of up to 500 kW when paired with a second FLO Ultra charger.
The FLO Ultra’s driver-centric design, reliable performance, and ease of use make it well-suited for charging locations such as restaurants, restrooms, and other amenities. The FLO Ultra charger is designed to comply with the National Electric Vehicle Infrastructure Program’s (NEVI) standards and the Buy America Act, and supports US federal initiatives to build a cohesive, nationwide network of EV charging stations.
The FLO Ultra charger is in production with deliveries to customers beginning this month. Last month, FLO announced the next generation of FLO Home chargers. FLO will offer three flexible options to meet the various needs of EV drivers, including the choice of either the J3400 (NACS) or J1772 connector and increased available power with 12kW (50A) and 19.2 kW (80A) options.
Filed Under: Charging, Technology News