The Caisse de dépôt et placement du Québec and the government of Quebec are adding to their previous investment in electric vehicle charging company AddEnergie Technologies Inc.
The Quebec-based company manufactures charging stations and develops network management software for other organizations. The Caisse and the provincial government initially invested in the business in 2016 to help it expand across Canada. Now the pension fund is boosting the company’s capital so it can double production capacity and grow in the U.S. market.
“Since our initial investment, the CDPQ has supported AddEnergie in its ambitious plans for growth in new markets,” said Mathieu Gauvin, senior vice-president of Quebec at the Caisse, in a press release. “As the Canadian leader in its industry, AddEnergie is well positioned to carve out a leading position in the U.S. In addition to the financial support announced today, the CDPQ will also support AddEnergie by providing access to its firmly established network of experts and global partners.”
AddEnergie, which currently manages more than 13,000 public and private charging stations, expects to have more than 100,000 stations in service in the next three years.
“We appreciate the trust the Caisse and the government of Quebec are placing in us by supporting our growth and efforts to expand into the U.S. market,” said Louis Tremblay, president and chief executive officer at AddEnergie. “Last spring, we worked with Vermont’s Green Mountain Power, one of the U.S.’s most innovative electricity providers, to install residential charging infrastructure that is connected and energy managed to support the evolution of [its] smart electrical grid.
“We plan to announce several more major collaborations and the support of our partners is timely in terms of delivering the phenomenal growth that our company has experienced year after year.”