CEO of FLO EV Charging Solutions Louis Tremblay steps out in front of the company's latest prototype, an electric vehicle charger the company is promising will revolutionize the industry.A sense of nervous anticipation hung in the air, at the Quebec City headquarters of FLO EV Charging Solutions, as its executives awaited the moment of truth for the biggest play in the brief history of Canada’s electric-vehicle charging industry.
Years from now, Mr. Tremblay predicted, the company that he co-founded in 2008 – which boasts about 1.5 million public and residential battery charges each month, continentwide – will look back on this as the summer it successfully leveraged years of patient growth into a much bigger share of the North American charging market.
Although its presence in Canada is bigger, FLO has already made inroads in the United States, primarily through curbside chargers in large cities such as New York City and Los Angeles. But its ambitions, and likely its long-term financial viability, rest on whether the new products can capture “It’s really all about brand reputation that’s going to get you more sales,” said Amaiya Khardenavis, an EV charging analyst with the international consultancy Wood Mackenzie, particularly referring to the U.S. market. “And I think they do have a good brand reputation compared to a lot of others.”
its market research showing that – as the EV sector starts to move beyond unusually tech-savvy early adopters,Chief product officer Nathan Yang said FLO has tried to address those concern through design choices, ranging from But the quality of the products and services is only one litmus test for that business model. It also needs to deliver financial stability, which is no less a question mark in its industry at the moment.
Available indicators seem positive. The recent financing round – which in addition to EDC included the Caisse de dépôt et placement du Québec, Investissement Québec and the Business Development Bank of Canada, as well as private firms – reflected strong support from Canadian institutional investors. It also has a close working relationship with Hydro Quebec.