OVO Energy Acquires EV Charging App Provider Bonnet

FLO, a EV charging solutions provider, secured a C$60 million (~$44.5 million) revolving credit facility from the National Bank of Canada via its Technology and Innovation Banking Group, enabling FLO to accelerate the growth of its North American EV charging network as it continues expansion across Canada and the United States. The credit facility represents an increase from a $20 million facility secured in 2021.

“This arrangement is another endorsement of FLO’s successful business strategy and recognition of our growth as we continue to witness incredible momentum in our industry,” said Louis Tremblay, FLO President and CEO. “Our renewed and long-standing business relationship with the National Bank of Canada positions FLO to continue its ambitious strategy, support sustainable development and cement its role in ushering in a zero-emissions transportation future”.

The company recently announced that they are working with WiTricity and Hubject, to test and advance both wireless charging and Plug & Charge technology. FLO is testing options for FLO stations to charge vehicles without cables using the WiTricity Halo EV charging system.

“For over twenty-five years, our Group has partnered with some of the greatest Canadian success stories, and we believe FLO will be among them, said Tuyen Vo, Head of Technology and Innovation Banking. At National Bank, we are dedicated in supporting a smooth and inclusive energy transition to a low-carbon economy.  We believe in FLO’s business plan and its products. This additional credit facility is a testament to the FLO team and all the work they have done to expand reliable EV charging infrastructure in North America.”

According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, announced debt and public market financing for Smart Grid companies came to $839 million in seven deals in 1H 2023 compared to $307 million in four deals in 1H 2022.