Freewire gathers $50Mn in third funding round
FreeWire Technologies has gained $50 million in a Series C funding round, led by Riverstone Holdings, with participation from current shareholders such as BP ventures. The new investment will enable FreeWire to accelerate international market expansion of its Boost Charger and expand production capacity.
Riverstone is the first private equity firm to invest in FreeWire. Previous supporters include BP Ventures and the investment arm of ABB and Volvo. The renewed funding through BP also comes on the heels of a recent agreement with bp pulse. The charging venture will exclusively operate FreeWire’s Boost Charger in the UK also since bp pulse is currently looking into ultra-rapid charging. They aim to operate 700 or more ultra-fast public chargers by 2025.
The Boost Charger is a power pack that connects to existing low-voltage grid infrastructure while enabling high power DC fast-charging from its integrated 160 kWh lithium-ion battery. The principle idea has remained since FreeWire entered the scene in San Leandro in 2014. Back then, their first product was a mobile EV charging station. It could charge at a standard wall outlet and then deployed elsewhere, and BP had tested the MobiCharger since 2018. The latest technology now boosts charging stations to deliver high power charges even when there is no infrastructure to support it.
“The Boost Charger represents a step-change in charging technology and is an essential solution to deliver fast, scalable, cost-effective, and widespread EV charging to the public. We are pleased to have Riverstone join with EIC and the other early investors in FreeWire to accelerate deployment of this innovative charging technology,” said Kevin Skillern, Managing Partner of Energy Innovation Capital.
The round brings the six-year-old company’s total venture funding to nearly $100 million. It follows an earlier round in April 2020 over 25 million dollars. The closing of the $50 million Series C round is concurrent with the appointment of Robert Tichio to FreeWire’s Board of Directors.
FreeWire claims it has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. The company intends to deploy more than 2,500 ultrafast charging stations by 2025. While Freewire mentions the funding to help production, they have not made any further statements on actual production capacity.