Québec City-based startup AddÉnergie has raised 53 million CAD in a Series C funding round consisting of both equity and debt financing, led by Mackinnon, Bennett & Company. The round also included participation from Business Development Bank of Canada, Fonds de solidarité FTQ and Export Development Canada along with existing investors Caisse de dépôt et placement du Québec and Investissement Québec. As per the deals of the round, the startup has entered into a new credit facility with the National Bank of Canada.
The latest round brings the startup’s total funding raised to date to 83 million CAD.
Proceeds from the funding round will be used by the startup to expand its EV charging technology to new markets in North America.
Founded in 2009 by Louis Tremblay, AddÉnergie creates smart charging solutions for electric vehicles (EV). It manufactures charging stations and builds network management software for residential, commercial, and public markets. It owns and operates FLO, which is one of Canada’s largest EV charging networks (as claimed by AddÉnergie), allowing approximately almost a million charging events every year.
The startup even deployed over 11K charging stations in the past year in cities such as Los Angeles, Cincinnati, and Toronto. Its solution also involves supplying charging set-up and network operation services to third party networks such as Québec’s Electric Circuit and VERnetworkTM, the two major charging station networks in Canada. AddÉnergie also has offices in Montréal, Shawinigan, Vancouver, and San Francisco.
CEO and president Louis Tremblay called the fundraising a major milestone for AddÉnergie and also ascribed it as an important endorsement of their business strategy by new and previous investors. Tremblay quoted, “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 and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”
AddÉnergie is looking forward to focusing its United States expansion on the east and west shore markets. The startup also expects the US market to constitute 20 percent of its profits in 2021.
About Mackinnon, Bennett & Company
Montreal-based Mackinnon, Bennett & Company is a merchant bank that sources, arranges and manages private investments in renewable energy, urban infrastructure services and similar sectors for its own account as well as for high net worth individuals, family offices, business clients and institutional investors.
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