On August 5, Hydro-Québec announced the sale of its subsidiary Cléo to Polara, a Québec-based company that specializes in providing comprehensive infrastructure solutions for the electrification of vehicle fleets.
This transaction is a strategic move designed to foster Cléo’s growth while allowing Hydro-Québec to concentrate on its core activities.
The Rise of Cléo: A Pioneering Force in Commercial EV Fleet Management
Established by Hydro-Québec in 2020, Cléo has made significant strides in the management of commercial electric vehicle (EV) fleets.
The company is particularly noted for its innovative smart charging management platform, which has become an essential tool for fleet operators.
The decision to sell Cléo comes as the young company reaches a pivotal point in its development, demonstrating the effectiveness of Hydro-Québec’s strategy to address the unmet needs of commercial EV fleet electrification.
This transaction underscores the importance of maintaining Cléo as a Québec-based enterprise. By transferring ownership to Polara, Hydro-Québec ensures that Cléo remains a local business while enabling the utility to realign its focus on core operations, including the management of the Electric Circuit, which remains unaffected by this sale.
Polara’s Strategic Acquisition: Strengthening Its Role in Transportation Electrification
Polara, a key player in the field of commercial fleet electrification and part of Groupe Girardin, has consistently provided comprehensive and sustainable solutions to its clients.
With the acquisition of Cléo, Polara enhances its ability to expedite the electrification of transportation. Polara is widely recognized for its commitment to innovation and decarbonization, making it the ideal partner to drive Cléo’s future growth.
Future Prospects: Cléo’s Expanded Role in Decarbonizing Québec
As Cléo embarks on this new chapter, it will continue to play a vital role in the decarbonization efforts within Québec.
The synergy between these two Québec-based companies opens up fresh opportunities for growth and innovation, reinforcing Québec’s leadership in the transportation electrification sector.
Statements from Key Executives
Maxime Aucoin, Executive Vice President – Strategy and Finance at Hydro-Québec, expressed pride in Cléo’s achievements, stating, “We are proud of Cléo’s rapid progress. By becoming part of Polara, Cléo will gain access to a broader customer base. This sale is a win-win situation for all involved, and we believe Polara will enable Cléo to reach its objectives faster. Special thanks go to Jeff Desruisseaux for his vision and leadership at Cléo.”
Jeff Desruisseaux, CEO of Cléo, echoed these sentiments, emphasizing, “Cléo has always been at the cutting edge of vehicle fleet electrification in Québec. Our smart platform and tailored solutions have proven their value across numerous companies. Joining Polara will allow the Cléo team to expand its expertise and technologies on a larger scale while continuing to innovate and advance transportation decarbonization.”
Sébastien Fournier, CEO of Polara, highlighted the significance of the acquisition, stating, “Acquiring Cléo represents a major milestone for Polara. It will enable us to guide our customers from design to implementation, incorporating advanced smart management and charging solutions. Integrating Cléo’s technologies and expertise will solidify Polara’s position as a leader in electrification solutions and equip us to meet the growing demands of North American customers. This transaction will speed up the transition to greener transportation while driving innovation and excellence. We are excited to welcome the Cléo team to the Polara family and look forward to collaborating on building a greener and more environmentally responsible future together.”