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 electric vehicle (EV) charging solutions for commercial and industrial customers, today announced a $100 million investment from Manulife Investment Management (Manulife IM) 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.

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Innovation Drive Microgrid: 209 kW solar carport, 182 kW solar rooftop, 280 kW (538 kWh) battery storage system, and 43 electric vehicle (EV) charging stations located at EDF Renewables' headquarters in San Diego. (Photo: Business Wire)

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.”

“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. Additional customer projects are available at Our Work.

About PowerFlex

PowerFlex, an EDF Renewables affiliate, is a leading national provider of intelligent onsite energy solutions that support carbon-free electrification and transportation. The Company delivers integrated solar, storage, EV charging, and microgrid systems to businesses and organizations. As a single full-service provider, PowerFlex customizes clean technology solutions to help clients achieve their energy and sustainability goals. Through the comprehensive PowerFlex X platform, PowerFlex leverages patented smart software to control, monitor, and optimize a client's distributed energy resources to reduce cost and maximize return on investment. For more information, visit www.powerflex.com. Connect with us on LinkedIn, YouTube, and Twitter.

About EDF Renewables North America

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects; and onsite solutions, through the Company’s PowerFlex affiliate, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

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