Quebec City’s AddEnergie Technologies is closing a series C round of funding worth $53 million.
The money will go towards expanding its FLO North American electric vehicle (EV) charging network.
“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,” said CEO Louis Tremblay.
Mackinnon, Bennett & Company Inc. (MKB) led the round with participation from the BDC, Fonds de solidarité FTQ and Export Development Canada (EDC). Existing investors include the Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec.
A plan to grow
Despite the current pandemic, AddEnergie said it deployed over 11,000 charging stations over the past 12 months, expanding the FLO network to cities like Los Angeles, Cincinnati and Toronto.
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 30,000 high-quality stations deployed on public networks, commercial and residential installations
AddEnergie’s headquarters is in Quebec City, and its assembly plant is located in Shawinigan, Quebec. The company also has regional offices in Montreal, Mississauga, Vancouver and Rochester, New York.
Quebec City a hotbed for EV innovation?
Pierre Fitzgibbon, Quebec’s Minister of Economy and Innovation, noted that Québec City is today considered a leader in the electric transportation, with companies like AddEnergie. Lion Electric, a company that builds eletric trucks and other heavier vehicles, also resides in Quebec City.
“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 Fitzgibbon.
Main image by Canada.ca