Funding led by energy private equity firm Riverstone Holdings accelerates FreeWire’s international expansion of its battery-integrated ultrafast EV chargers.
SAN LEANDRO, Calif. –(BUSINESS WIRE)– FreeWire Technologies, a leader in electric vehicle (EV) charging and power solutions, has announced a $50 million Series C funding round today, led by Riverstone Holdings (Riverstone), with participation from current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group. The investment by Riverstone, a top energy private equity firm, 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 investment will enable FreeWire to accelerate international market expansion of its flagship product, Boost Charger™, and expand production capacity to meet unprecedented customer demand.
“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,” said Robert Tichio, Partner and Managing Director at Riverstone.
The urgent need for more EV charging is placing significant demands on local electric grids. 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. FreeWire’s technology enables ultrafast charging where high power grid connections are not readily available or are cost prohibitive.