FreeWire Technologies, a pioneer in delivering flexible and future-proof power solutions for the grid edge, has announced the successful closing of $25 million Series B and venture debt financing. The round was led by existing investor, BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital. They were also joined by a number of other financial and strategic investors including Silicon Valley Bank.
The financing will support the commercialization of FreeWire's ultrafast electric vehicle charging technologies. These solutions are designed to overcome the inefficiencies of today's grid infrastructure to meet customers' growing demand for rapid, cost-efficient power — all while mitigating infrastructure costs and the impact on the grid.
"We're excited to announce the addition of key strategic investors that will help scale the organization to deliver ultrafast charging to customers worldwide," said Arcady Sosinov, CEO of FreeWire. "Our continued partnership with this diverse group of new and existing investors demonstrates their determination to resolve a wide range of energy challenges and our joint commitment to a future with flexible, sustainable electrification."
FreeWire's Boost Charger is a powerful battery-integrated electric vehicle charger. Easy to connect with existing infrastructure, it can be set up without costly construction or permitting. With 160kWh of battery capacity and 120kW output, Boost Charger is ready for current and next generation EVs. Boost Charger enables ultrafast charging using the same infrastructure as L2 chargers at up to a 40% lower cost of installation versus other fast chargers. Deliver high-quality power while significantly reducing demand charges with Boost Charger's battery-integrated platform.
"FreeWire was one of the first investments in the BP mobility space, and we continue to be impressed with its forward-looking approach and growth potential," said David Gilmour, Global Managing Director of BP Ventures. "BP is committed to remaining the leader in the energy sector. We see FreeWire as a key contributor to our strategy of diversifying our energy portfolio and helping ensure we are well positioned to meet future demand."
The closing of the Series B round is concurrent to the announcement of ABB Technology Ventures and Energy Innovation Capital as investors, and the appointment of both Frank Muehlon, Managing Director of Electric Vehicle Charging Infrastructure at ABB, and Benjamin Stanzl, Managing Director at Energy Innovation Capital, to FreeWire's Board of Directors.