FreeWire Technologies, the provider of power solutions for the grid edge, has announced the successful closing of its $15 million Series A financing.
The funding round was led by BP Ventures, with participation from Volvo Cars Tech Fund, Stanley Ventures, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures, TRIREC, and others.
The financing will support the commercialisation of FreeWire’s ultrafast EV charging and mobile on-site power technologies, along with expansion of the company’s operations and sales teams. These solutions are described by the company as “designed to overcome the inefficiencies of today’s grid infrastructure to meet customers’ growing demand for rapid, cost-efficient power – all without the added costs of construction, hardware installation, or peak surges”.
In October 2018, Volvo Cars Tech Fund announced an investment in the Bay Area-based startup to support the automaker’s long-term electrification strategy. “To support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “Our investment in FreeWire is a firm endorsement of the company’s ambitions in this area.”
At the start of 2018, BP Ventures announced an investment in conjunction with the launch of a pilot program to deploy FreeWire’s infrastructure-light EV fast chargers at BP retail sites in the UK.
The closing of the Series A round follows the previous announcement of Stanley Ventures as an investor and the appointment of both Michael Mahan, Investment Manager at Stanley Ventures, and Chad Bown, Investment Principal at BP Ventures, to FreeWire’s Board of Directors.
Arcady Sosinov, CEO of FreeWire said: “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. Their backing at this pivotal stage is rooted in a shared vision of a future with widespread transition to flexible, sustainable electrification.”
“FreeWire was one of BP’s first investments in the advanced mobility space and we remain excited by their expertise and technologies,” said David Gilmour, Vice President of BP Ventures. “Mobility continues to evolve, and BP is committed to remaining the fuel retailer of choice. We see FreeWire playing an important role in our varied offering and helping ensure we are well positioned to meet future demand.”