Capital Raise to Accelerate Software Development and Scale Up Project Deployment

PowerFlex, an EDF Renewables North America affiliate and leading provider of intelligent solar, storage, and EV charging solutions for commercial and industrial customers, announced a $100 million investment from Manulife Investment Management on behalf of investors. With this transaction, Manulife IM holds a minority stake in PowerFlex and has joined its Board of Directors; EDF Renewables retains majority ownership. Manulife IM has also acquired a portfolio of existing operating assets to serve as the basis for a dedicated financing vehicle for future projects.

PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets, and centralizes control, data collection, and reporting into a single digital platform. The investment will also enable PowerFlex to accelerate the deployment of onsite solar, storage, and EV charging to meet increasing customer demand driven by corporate sustainability commitments, individual state renewable portfolio standards and targets, and climate-friendly federal legislation, such as the Inflation Reduction Act.

“We are excited to partner with Manulife Investment Management, whose team brings an in-depth understanding of infrastructure trends that will help us continue providing our clients with reliable and cutting-edge clean energy solutions,” said Raphael Declercq, CEO of PowerFlex. “PowerFlex’s accompanying digital products optimize the system performance of all onsite energy assets to generate greater cost savings and increase efficiency. The investment will help advance our mission of electrifying the transportation sector and deploying low-carbon infrastructure in a way that also supports a cleaner, more decentralized and resilient grid.”

“We are happy to partner with EDF Renewables and play a role in PowerFlex’s growth to help its customers achieve their sustainability and decarbonization goals,” said Pradeep Killamsetty, Managing Director, Infrastructure Investments, Manulife Investment Management. “We see a strong growth opportunity for PowerFlex’s intelligent solutions, which enable organizations and enterprises to reduce energy costs and increase resiliency by integrating and co-optimizing multiple technologies, including solar, battery storage, EV charging, and microgrid systems.”

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“EDF Renewables consolidated its onsite solar, storage, and EV charging offerings under the PowerFlex brand in 2021 to meet the growing demand for onsite clean energy and EV infrastructure,” said Tristan Grimbert, President and CEO of EDF Renewables North America. “As a leader in the renewable energy sector, we are pleased to partner with Manulife Investment Management — a company that shares our values of sustainability and innovation — to accelerate the deployment of the cutting-edge solution that PowerFlex offers commercial and industrial customers to decarbonize their onsite energy.”

One of the largest developers and installers of commercial solar in the U.S., with more than 400 MW placed in service, PowerFlex makes solar and storage easy for corporate customers. As the electrification of the transportation sector accelerates, so does the need for PowerFlex’s intelligent EV charging solutions. The company has deployed and operates approximately 10,000 chargers, which can be integrated with solar and storage systems for increased resiliency and cost-savings.

PowerFlex partners with the top corporate cleantech adopters in the U.S., and its extensive client roster includes organizations such as the Los Angeles International Airport (LAX), for whom PowerFlex installed 1,000 EV chargers at new parking facilities, as well as PepsiCo, and Bloomberg L.P. As a trusted solar developer for Prologis, the leading industrial real estate company, PowerFlex has built a portfolio of programmatic solar installations, including rooftop and carport solar systems at 70 sites.