FLO | AddEnergie announces significant investment by EIP, MKB

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May 11, 2021, 08:00 ET

EIP's Hans Kobler joins the company's Board of Directors

QUEBEC CITY, May 11, 2021 /PRNewswire/ - In a further step in its expansion strategy, FLO | AddEnergie announces the closing of a new investment by two of its existing shareholders, Energy Impact Partners (EIP) and MacKinnon, Bennett & Co. (MKB), at $30 million and $10 million respectively (all amounts in Canadian dollars). The EIP and MKB investments follow their participation in FLO | AddEnergie's recent Series C financing, which was completed in February 2021.

"We are very pleased to be increasing our investment in FLO | AddEnergie, and we see this as a great opportunity," says Hans Kobler, CEO and Managing Partner, EIP. "Having followed the electric vehicle (EV) charging market closely for several years, EIP understands the opportunities in the sector. FLO | AddEnergie stands out with its strong focus on quality and reliability, enabled by its end-to-end vertical integration, which is evident in its successful expansion in major markets such as New York City, and promising collaborations with established leaders like GM."

"As a fund manager dedicated to decarbonization and transport electrification, MKB's decision to increase our investment in FLO | AddEnergie was an easy one," says Antonio Occhionero, Partner, MKB. "We are now observing solid, sustained momentum in EV adoption, and we want the company to be in a position of strength to seize upcoming opportunities."

Appointment of Hans Kobler to the Board of director of FLO | AddEnergie

As part of EIP's new investment, EIP's founder and Managing Partner Hans Kobler will join FLO | AddEnergie's board of directors.

"We are extremely pleased to welcome Hans to our board," states Louis Tremblay, President and CEO of FLO | AddEnergie. "With the breadth of his background, combined with concrete experience in the EV charging sector, Hans will bring enormous value to our company. I look forward to working with him closely, both on strategic matters and on deepening our commercial ties with EIP's utility-led investor base."

The investment announced today means that FLO | AddEnergie has raised CA $93 million in the last 12 months. In addition to supporting the company's expansion in the US, the additional capital enables the company to accelerate the implementation of its business plan, including new product development and to expand its production capacity.

About FLO | AddEnergie

FLO | AddEnergie is a leading North American electric vehicle charging network operator and a major provider of smart charging software and equipment. Every month, FLO | AddEnergie enable approximately half a million charging events and the transfer of 5.5 GWh of electricity, thanks to over 40,000 high-quality stations deployed on public networks, commercial and residential installations. FLO | 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 and New York. For more information, visit flo.com.

SOURCE FLO