Board of directors expands with Manulife IM's addition
PowerFlex, an EDF Renewables North America affiliate, recently secured a $100 million investment from Manulife Investment Management (Manulife IM). In addition to this, Manulife IM has obtained a minority stake in the company and joined its board of directors. With EDF Renewables retaining majority ownership, PowerFlex stated that the funds will be used to invest further into PowerFlex X; a software and hardware system which consolidates onsite energy assets along with their data collection and reporting capabilities into a digital platform.
In 2021, EDF Renewables consolidated solar, storage, and EV charging offerings under the PowerFlex brand. These solutions allow corporate customers to access easy-to-install packages. The firm has already deployed and operates roughly 10,000 chargers with the integration of solar and storage systems for improved resiliency and cost-effectiveness.
The investment is set to accelerate PowerFlex's deployment of onsite solar, storage, as well as EV charging services in order to meet the current rising demand based off corporate sustainability commitments, various state renewable portfolio standards/targets and federal legislation such as the Inflation Reduction Act. With over 400 MW of installed solar capacity already in service, PowerFlex continues to strive towards a more sustainable future.