Caisse investing further in electric vehicle charging network

The Caisse de dépôt et placement du Québec is part of a $53-million round of Series C funding for AddEnergie Technologies Inc., a Quebec-based operator of electric vehicle charging stations.

The Caisse initially invested in the company in 2016 and again in 2019, alongside partners. This round of funding included MacKinnon, Bennett & Co. Inc., Business Development Bank of Canada, Fonds de solidarité FTQ, Export Development Canada and Investissement Québec.

Read: Caisse invests in AddÉnergie’s expansion

“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in the release. “We were there as they penetrated the Canadian and U.S. markets and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan.

“This investment aligns with our strategic priorities — not only does it support a Quebec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”

Read: Caisse boosts investment in electric vehicle charging company

In other investment news, the Caisse is partnering with private equity firm TorQuest Partners to invest in fence and railing products company Barrette Outdoor Living Inc.

The two investors are partnering with BOL’s owner les Entreprises Barrette Ltée, which will retain a significant minority interest. Details of the transaction weren’t disclosed.

“With this transaction, CDPQ is delighted to support les Entreprises Barrette, a successful Quebec company, with its evolution and development plan,” said Thomassin in a press release. “Thanks to its ambitious growth strategy and numerous transformative acquisitions, BOL is now a North American leader in a fast-growing industry. CDPQ’s investment and support will help accelerate the company’s expansion in the coming years, securing its position as a leader.”

Read: Caisse providing $150M in financing to Quebec-based insurer