The high speed charging specialists from FreeWire managed to take in 15 million dollars (about €13.2 million) in fresh capital during a financing round. The investors included BP and Volvo, who had also previously invested in the company.
The California-based company plans to use their fresh capital to commercialise their fast charging technology, as well as building customer relations. FreeWire’s core business is mobile and networked energy storage systems, as well as low voltage fast charging systems that build on the storage technology, saving operators the cost of installing a high voltage line.
At the end of October, Volvo had announced that they planned to invest in FreeWire through a tech fund launched this year. The amount invested is unknown. BP also recently invested in FreeWire in January, with a sum of 5 million dollars. BP had announced intentions of testing the FreeWire Mobi Charger at selected European locations, among other things.
The other companies investing in FreeWire include Stanley Ventures, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures and Trirec. “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.”