Hydro-Québec Announces the Sale of its Subsidiary Cléo to Polara
August 7, 2024
Hydro-Québec has announced the sale of its subsidiary Cléo to Polara, a Québec company specialized in comprehensive infrastructure solutions for vehicle fleet electrification.
Founded in 2020 by Hydro-Québec, Cléo specializes in commercial electric vehicle (EV) fleet management, namely by offering its smart charging management platform to fleet operators.
This transaction reflects the success of Hydro-Québec’s strategy to launch Cléo in response to the electrification accompaniment needs of commercial EV fleets that were not being met by the market. The young company has reached a significant moment in its growth spurring Hydro-Québec and Polara to consider the timing to be right for the sale. This transaction will ensure that Cléo remains a Québec business and will enable Hydro-Québec to refocus its activities on its core mission, which includes operating the Electric Circuit (unaffected by this transaction).
Since its beginnings, Polara, part of Groupe Girardin, has asserted itself as a key player in commercial fleet electrification, offering comprehensive and durable solutions for its customers. With this acquisition, Polara will strengthen its ability to accelerate transportation electrification. Known for its innovative solutions and commitment to decarbonization, Polara is ideally positioned to propel Cléo’s growth.
As it expands its horizons, Cléo will continue to contribute to decarbonizing Québec. The merger of these two Québec companies will provide Cléo with new opportunities for growth and innovation while solidifying Québec’s position as a leader in transportation electrification.
Quotes
“We’re proud of what Cléo has accomplished in such a short time. By joining Polara, Cléo will have access to an even larger customer base. This sale is win-win for all the parties involved, and we believe that Polara will enable Cléo to achieve its goals quicker than before. A special thank you to Jeff Desruisseaux for his vision and leadership at Cléo.”
– Maxime Aucoin, Executive Vice President – Strategy and Finance at Hydro-Québec
“Cléo has always been at the forefront of vehicle fleet electrification in Québec. Our smart platform and custom solutions have demonstrated their efficiency and value within numerous companies. Joining Polara will enable the Cléo team to develop its expertise and technologies on a larger scale while continuing to innovate and foster transportation decarbonization.”
– Jeff Desruisseaux, CEO of Cléo
“Acquiring Cléo is a big step for Polara and will enable us to accompany our customers from design to implementation, while incorporating advanced smart management and charging solutions. Integrating Cléo’s technologies and expertise will strengthen Polara’s position as a leader in electrification solutions and provide the company with the tools it needs to meet the growing needs of North American customers. This transaction will accelerate the transition to greener transportation while driving innovation and excellence. We’re excited to welcome the Cléo team to the Polara family and look forward to building a greener and more environmentally responsible future together.”
– Sébastien Fournier, CEO of Polara
