FreeWire Technologies announced the successful closing of a $25 million Series B and venture debt financing round. The funding was led by existing investor BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital.
Following the completion of the financing round, the new funds will support the commercialization of FreeWire’s ultrafast electric vehicle charging technologies. FreeWire’s last financing round took place back in late 2018, and secured the US American charging provider $15 million, with continued support from Volvo and the oil company BP, as they seek to transition to a new energy economy. That round’s funding pot was invested in commercialising their fast charging technology, as well as building customer relations.
FreeWire was initially founded in San Leandro in 2014. Their first product was a mobile EV charging station that doesn’t use traditional infrastructure. Instead, it could be charged from a normal wall outlet and then deployed elsewhere. For small fleet management this would make charge management easier, as well as eliminating the infrastructure and construction costs. FreeWire also offers an electric mobile generator for off-grid use in a remote location.
FreeWire’s latest innovation is a fast charging energy storage unit to build onto existing charging infrastructure named Boost. According to the manufacturer, Boost can be deployed with existing infrastructure to provide 160kWh of battery capacity and 120Kw output and provides a significant cost advantage compared to other fast-charging infrastructure, at about 40% lower installation cost than comparable technologies.
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