Canadian EV-Charging Firm AddÉnergie Raises $53 Million for U.S. Expansion
Quebec City-based electric vehicle-charging firm AddÉnergie Technologies Inc. — the largest manufacturer and operator of EV charging stations in the country — now has its sights set on the U.S. EV market, raising $53 million CAD for the planned expansion, reports The Globe and Mail.
Congratulations to our member @servicesflo @addenergie on your success! #Electric vehicle-charging company AddÉnergie raises $53-million in equity and debt to fund U.S. expansion https://t.co/i3w6ClEYgj
— ElectricMobilityCAN (@EMC_MEC) October 31, 2020
Founded by Louis Tremblay in 2009 when the EV revolution was a mere hope, AddÉnergie has gained a clear footing in the market with the prevalence and success of fully electric and plug-in hybrid vehicles.
As of now, AddÉnergie is an employer of 180 people that owns and operates over 3,000 EV charging stations in Canada under its FLO brand, sells home charging units, and runs charging stations for electric utilities in Quebec, New Brunswick, and British Columbia.
AddÉnergie manufactures its own charging units locally at a plant in Shawinigan, Quebec, and has developed its own firmware for the units.
The company has been operating on a rather small scale in the U.S. since 2018, with 180 public charging stations in the already competitive Los Angeles area, a deal to supply local EV-charging company Electrada with equipment, and a charter to build 120 charging stations in New York City for Con Edison during 2021.
AddÉnergie is now looking to expand its operations in the U.S. exponentially, targeting the East and West coast markets “where electric vehicle adoption tends to be more prevalent,” according to CEO Louis Tremblay.
AddÉnergie has managed to raise 53 million CAD in equity and debt financing to fund its expansion, primarily from tech-oriented growth equity company MacKinnon, Bennett & Co., and National Bank of Canada’s technology and innovation banking division.