FreeWire Technologies, a San Leandro, California-based mobile electric vehicle charging station company, has raised $15 million in Series A funding. This round of funding was led by BP Ventures. Volvo Cars Tech Fund, Stanley Ventures, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures, TRIREC, and several others participated in this round.
With this round of funding, it will support the commercialization of the company’s ultrafast EV charging and mobile power technologies. And it will enable the expansion of FreeWire Technologies’ operations and sales teams. The company’s solutions were designed to overcome inefficiencies of today’s grid infrastructure and meet the growing demand of cost-efficient power from customers without the costs of construction, hardware installations, and peak surges.
FreeWire’s Mobi charger / Photo Credit: FreeWire Technologies
“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 FreeWire chief executive Arcady Sosinov. “Their backing at this pivotal stage is rooted in a shared vision of a future with widespread transition to flexible, sustainable electrification.”
The Volvo Cars Tech Fund invested in FreeWire back in October 2018 in order to support the auto company’s long-term electrification strategy. Volvo Cars Tech Fund chief executive Zaki Fasihuddin said that the investment in FreeWire was made to support wide consumer adoption of electric cars and to help make charging an electric car as “simple as filling up your tank.
BP Ventures made an investment in FreeWire at the beginning of 2018. As part of the investment, FreeWire launched a pilot program to deploy its infrastructure-light EV fast chargers at BP’s retail sites in the U.K. And BP Ventures Vice President David Gilmour pointed out that FreeWire was one of BP’s investments in the advanced mobility space.