- FreeWire Technologies — a leader in electric vehicle (EV) charging and power solutions — announced it has raised a $50 million Series C funding round led by Riverstone Holdings. These are the details.
FreeWire Technologies — a leader in electric vehicle (EV) charging and power solutions — announced it has raised a $50 million Series C funding round led by Riverstone Holdings with participation from current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group. And the investment by Riverstone marks the first private equity investment in FreeWire and highlights the importance of battery-integrated charging technology to meet the rapidly growing demand for EV charging solutions.
The new funding round will enable FreeWire to accelerate international market expansion of its flagship product Boost Charger and expand production capacity to meet unprecedented customer demand.
The urgent need for more EV charging is placing significant demands on local electric grids. And FreeWire’s Boost Charger connects to existing low-voltage grid infrastructure while enabling high power DC fast-charging from its integrated 160 kWh lithium-ion battery. Plus FreeWire’s technology enables ultrafast charging where high power grid connections are not readily available or are cost-prohibitive.
The investment comes on the heels of a recent agreement with the UK’s largest charging network operator bp pulse to be the exclusive operator of the company’s Boost Charger in the UK. And FreeWire has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. The company plans to deploy more than 2,500 ultrafast charging stations by 2025.
This round of funding brings the company’s total venture funding to nearly $100 million. And FreeWire is the global market leader in battery-integrated EV charging. The closing of the $50 million Series C round is in conjunction with the appointment of Robert Tichio to FreeWire’s Board of Directors.
KEY QUOTES:
“We are thrilled to be working with FreeWire Technologies. This investment underscores Riverstone’s support for innovation that meets the rising demand for energy while managing climate change risks. FreeWire is situated for long-term growth with a unique technology to address the megatrend of vehicle electrification.”
— Robert Tichio, Partner and Managing Director at Riverstone
“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.”
— Kevin Skillern, Managing Partner of Energy Innovation Capital
“FreeWire is driving widespread, sustainable electrification at the grid edge with the support of our incredible partners. The investment from Riverstone is a strong signal of confidence in our technology and company’s position in what we predict will be the biggest market opportunity of this decade.”
— Arcady Sosinov, CEO of FreeWire Technologies
