Hydro-Québec announced the sale of its subsidiary Cléo to the Quebec company Polara on Monday. Cléo specializes in the management of commercial electric vehicle fleets.
Polara CEO Sébastien Fournier said in a statement that the transaction will “accelerate the transition to cleaner transportation while driving innovation and excellence.” Polara is working on the electrification of vehicle fleets.
Hydro-Québec assures that this sale will allow Cléo to continue its growth.
The company offers “in particular an intelligent charging management platform to fleet operators,” Hydro-Québec said in the press release. This tool makes it possible to monitor in real time the power supplied by the terminals and the state of charge of the vehicles. Hydro-Québec founded its subsidiary in 2020.
PHOTO MARTIN TREMBLAY, LA PRESSE ARCHIVES
Financial terms of the transaction were not disclosed.
“This transaction ensures that Cléo remains in Quebec hands and allows Hydro-Québec to refocus its activities on its core mission, including operating the Electric Circuit network,” Hydro-Québec wrote in the press release. Electric Circuit is the first network of public charging stations for electric vehicles in Canada.
We are proud of what Cleo has accomplished in such a short time. By joining Polara, Cleo will benefit from access to an even wider audience.
Maxime Aucoin, Executive Vice President, Strategy and Finance at Hydro-Québec
Financial terms of the transaction were not disclosed.
In July, IKEA Canada partnered with Cléo for its charging stations across the country. The companies were already doing business in Quebec.