- The company said that the financing will support the commercialisation of FreeWire’s ultra-fast electric vehicle charging technologies
- In 2019, FreeWire had announced the launch of the Boost Charger
Battery startup FreeWire Technologies which manufactures EV chargers and personal generators has announced the closing of $25 million Series B and venture debt financing. The round was led by existing investor, BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital. They were also joined by a number of other financial and strategic investors including Silicon Valley Bank.
Arcady Sosinov, CEO of FreeWire said, “We are excited to announce the addition of key strategic investors that will help scale the organization to deliver ultrafast charging to customers worldwide. Our continued partnership with this diverse group of new and existing investors demonstrates their determination to resolve a wide range of energy challenges and our joint commitment to a future with flexible, sustainable electrification.”
Boost Charger will hit the market in the second quarter of this year
The company said that the financing will support the commercialisation of FreeWire’s ultrafast electric vehicle charging technologies. These solutions have been designed to overcome the inefficiencies of today’s grid infrastructure to meet customers’ growing demand for rapid, cost-efficient power claimed the company. It also mitigates infrastructure costs and the impact on the grid
In 2019, FreeWire had announced the launch of the Boost Charger. This technology offers a battery-integrated ultrafast EV charging. The company said that this can be deployed with existing infrastructure at up to 40 per cent lower cost of installation versus other high power chargers. It is expected that the Boost Charger will hit the market in the second quarter of this year.
David Gilmour, global managing director of BP Ventures said, “FreeWire was one of the first investments in the BP mobility space, and we continue to be impressed with its forward-looking approach and growth potential. BP is committed to remaining the leader in the energy sector. We see FreeWire as a key contributor to our strategy of diversifying our energy portfolio and helping ensure we are well-positioned to meet future demand.”
This closing also saw the announcement of ABB Technology Ventures and Energy Innovation Capital as investors. It also saw the appointment of Frank Muehlon, managing director of electric vehicle charging infrastructure at ABB, and Benjamin Stanzl, managing director at Energy Innovation Capital, to FreeWire’s Board of Directors.
