North American electric vehicle charging network operator FLO recently confirmed a CA$60 million revolving credit facility from the National Bank of Canada, representing a boost from a $20 million facility in 2021, the company said in a news release.
The additional funds will allow FLO to speed up the growth of its North American EV charging network, which is currently expanding across Canada and the United States. The company said its workforce has grown and that it has expanded even more into the U.S. market.
“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,” said FLO President and CEO Louis Tremblay in a statement.
FLO is one of many EV charging networks seeking to spread across Canada and the U.S. as both the federal government and the U.S. government seeks to boost EV infrastructure to support the potential for a greater adoption of electrified vehicles.
“For over twenty-five years, our group has partnered with Canadian success stories, and FLO is among them,” said Tuyen Vo, Head of Technology and Innovation Banking, in a statement. “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.”
