On Friday, Quebec’s next-generation infrastructure startup AddEnergie Technologies Inc., which owns and operates the FLO® electric vehicle (EV) charging network seen across North America, announced the successful closing of its Series C financing round. The company plans to use its $53 million in new funds to pursue its ambitious growth strategy and accelerate FLO®s expansion across the continent.
The new investor syndicate is led by Montreal energy and transportation growth equity investor Mackinnon, Bennett & Company Inc. (MKB) and also includes the Business Development Bank of Canada, Fonds de solidarité FTQ and the country’s export credit agency, Export Development Canada (EDC).
In addition, the company secured re-ups from existing major investors Caisse de dépôt et placement du Québec (CDPQ), which is one of Canada’s largest institutional investors with CA$333 billion (about $250 billion) in assets under management, and Quebec investment firm Investissement Québec. AddEnergie also recently entered into a new credit facility from National Bank of Canada’s Technology and Innovation Banking group.
“Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors” said Louis Tremblay, President and CEO of AddEnergie. “With this financing and following our successful launch in the United States we are now in a position to accelerate our growth across North America as the transition to EVs is gaining momentum and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”
“MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonization, electrification and digitization of transportation. The company has a proven track record in key markets, a competitive value proposition and is well positioned for the next phase of its expansion. As a growth equity investor in next generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition” said MKB Partner Antonio Occhionero.
“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion. We were there as they penetrated the Canadian and U.S. markets, and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “This investment aligns with our strategic priorities – not only does it support a Québec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”
“Québec is today considered a leader in the electrification of transportation, thanks to its numerous innovative companies like AddEnergie. We can be very proud of our cutting edge organizations that export our knowhow and activity contribute to the worldwide electric shift. The investment we are announcing today will accelerate AddEnergie’s growth and stimulate its international development” said Pierre Fitzgibbon, Minister of Economy and Innovation.
Grow with the FLO
Despite the challenges of the pandemic, AddEnergie has been in growth mode during 2020, deploying over 11,000 charging stations in the past 12 months and expanding the FLO network to North American cities including Los Angeles, Cincinnati and Toronto. This year’s growth brings the number of EV charging stations to 30,000 units. All told, AddEnergie’s charging stations enable round 500,000 charging events each month, and the transfer of 5.5 GWU in electricity,
The company now plans to bring its comprehensive approach to EV charging – which includes residential, workplace, fleets, commercial, public, fast charging and more – to a growing number of markets in North America. In a statement, AddEnergie said it intends to continue its sustained investments in R&D and market development in order to maintain its leadership as a dependable, market-leading network operator, while making sure it meets the evolving needs of EV drivers in the years to come.