BP-backed start-up FreeWire Technologies has secured $25m investment to accelerate the development and rollout of its “infrastructure-light” electric vehicle (EV) charging technology, it announced late last week.
The Series B funding round was led by existing investor BP Ventures and attracted new investors ABB Technology Ventures and Energy Innovation Capital, as well as a number of other financial and strategic investors, including Silicon Valley Bank.
California-based FreeWire specialises in EV charging technology it claims can support ultrafast EV charging without the need for new grid infrastructure investments, thereby saving customers up to 40 per cent on installation costs.
The fresh funding injection will go towards launching a new battery-integrated charging product dubbed the ‘Boost Charger’, which is designed to draw less power from the grid in order to cut costs for retail customers, the firm said.
FreeWire CEO Arcady Sosinov said that the investment would help the company scale globally. “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,” he said.
It follows the launch of FreeWire’s first mobile EV charging station product in January 2018, which was rolled out at BP petrol stations across the UK folloing an initial $5m investment from BP Ventures.
David Gilmour, global managing director of BP Ventures, commended the start-up’s “forward-looking approach and growth potential”.
“BP is committed to remaining the leader in the energy sector,” he added. “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.”
Frank Muehlon, managing director of Electric Vehicle charging Infrastructure at ABB, and Benjamin Stanzl, managing director at Energy Innovation Capital, have also been appointed to FreeWire’s board of directors in the wake of the fundraising round.