Electric vehicles (EV) charging network operator AddEnergie Technologies has secured an investment of C$53m ($39.7m) in a Series C financing round.

The company noted that the new investment will be used to further expand the footprint of its North American EV charging network, FLO.

AddEnergie president and CEO Louis Tremblay said: “Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors.

“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 recognised as playing a pivotal role in the global efforts to combat climate change.”

The investment round was led by Mackinnon, Bennett & Company (MKB) and joined by Business Development Bank of Canada, Fonds de solidarité FTQ, and Export Development Canada (EDC).

The company also secured investments from its existing investors Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec.

MKB partner Antonio Occhionero said: “MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonisation, electrification and digitisation of transportation.

“The company has a proven track record in key markets, a competitive value proposition and is well-positioned for the next phase of its expansion.

“As a growth equity investor in next-generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition.”

Despite the Covid-19 outbreak, AddEnergie has expanded its FLO network to cities like Los Angeles, Cincinnati and Toronto by installing more than 11,000 charging stations in the past 12 months.