FreeWire Raises $15 Million In Financing For Mobile Fast Charging
FreeWire is not alone in believing that mobile fast charging is a good idea.
FreeWire Technologies, the California start-up known mostly from its mobile electric vehicle charging systems, announced the successful closing of its $15 million Series A financing.
“The financing will support the commercialization of FreeWire’s ultrafast EV charging and mobile on-site power technologies, along with expansion of the company’s operations and sales teams. These solutions are designed to overcome the inefficiencies of today’s grid infrastructure to meet customers’ growing demand for rapid, cost-efficient power – all without the added costs of construction, hardware installation, or peak surges.”
FreeWire attracted investors from various industries, but the biggest names seem to be BP and Volvo:
- BP Ventures
- Volvo Cars Tech Fund
- Stanley Ventures
- Blue Bear Capital
- Oski Clean Energy Partners
- Strawberry Creek Ventures
- Spike Ventures
- and others.
“It is important that our initial group of investors hail from such a diverse set of industries – they collectively reflect a wide range of the energy challenges we are now in a better position to tackle,” said Arcady Sosinov, CEO of FreeWire. “Their backing at this pivotal stage is rooted in a shared vision of a future with widespread transition to flexible, sustainable electrification.”
In October 2018, Volvo Cars Tech Fund announced an investment in the Bay Area-based startup to support the automaker’s long-term electrification strategy. “To support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “Our investment in FreeWire is a firm endorsement of the company’s ambitions in this area.”
At the start of 2018, BP Ventures announced an investment in conjunction with the launch of a pilot program to deploy FreeWire’s infrastructure-light EV fast chargers at BP retail sites in the UK.
“FreeWire was one of BP’s first investments in the advanced mobility space and we remain excited by their expertise and technologies,” said David Gilmour, Vice President of BP Ventures. “Mobility continues to evolve, and BP is committed to remaining the fuel retailer of choice. We see FreeWire playing an important role in our varied offering and helping ensure we are well positioned to meet future demand.”