A Changing Connected Mobility Ecosystem: Why we Invested in FLASH
The broader mobility market is undergoing a transformational social, technological, and economic shift, changing the way that people and products are moved. With urbanization and the movement towards sustainability and smart cities, new forms of mobility are emerging. As a large owner operator of real estate in prime locations, Brookfield is attuned to the changes happening within mobility and Brookfield Growth is pleased to announce an investment into FLASH, a cloud-based parking technology provider building infrastructure for the future of mobility. FLASH’s platform connects the entire ecosystem’s supply of parking assets with user demand. FLASH is used at over 10,000 customer locations across all major U.S. cities and Canada, processing more than 11 million parkers per month and over $1 billion in annual transactions. Brookfield Growth is excited to be a part of FLASH’s next stage of growth as they continue to create new products to power the new-age mobility ecosystem.
FLASH Improves Utilization of a Traditionally Underutilized Asset Base
Parking facilities have traditionally been underutilized real estate, with the U.S. being significantly over-indexed relative to actual vehicles with about eight parking spaces for every car. FLASH is providing technology to improve asset utilization through delivering additional services on these sites including electric vehicle charging and eScooters solutions. As Brookfield looks to improve asset utilization across its expansive parking portfolio, FLASH Parking will be a key partner in delivering additional value through ancillary revenue streams.
FLASH is the Only Integrated EV Charging Solution
As the number of electric vehicle owners grows in the United States, it is important for real estate owners and operators to support their tenants’ needs when it comes to parking amenities. Electric vehicle charging can attract additional customers that require charging for their vehicle and increase their parking duration, leading to an increase in ancillary revenue streams and overall property value. FLASH’s emerging electric vehicle charging solution has a distinct competitive differentiation due to its integrations with FLASH’s existing parking hardware and software solutions as well as demand aggregators such as global mapping and internet platforms.
Brookfield Growth’s Overview
Brookfield owns and operates over $250B of assets within its real estate arm and owns over $50B of assets in renewable power. Brookfield has successfully partnered with FLASH across several Brookfield parking locations to-date and will look to expand the partnership over time. Brookfield’s commitment to ESG and offering exceptional tenant experiences will provide opportunities to expand the utilization of Flash hardware, software, and mobility solutions across our parking portfolio.
Brookfield Growth is thrilled to partner with FLASH both as an investor and a customer. We are excited to unlock various synergies between Brookfield and FLASH as we further the partnership through FLASH’s next stage of growth. We are also grateful to be investing alongside new and existing co-investors including Vista Equity Partners and L Catterton.
