FreeWire secures $50 million to scale its ultrafast charging stations for electric vehicles

The number of electric vehicles on U.S. roads is projected to reach 18.7 million in 2030. As electric vehicles gain mainstream adoption, more charging stations are going to be needed to power millions of new electric cars on the roads. FreeWire Technologies (FreeWire), is a San Leandro, California-based tech startup, is one of the leading companies that provide electric vehicle (EV) charging and power solutions.

Today,  FreeWire announced it has raised a $50 million Series C funding round to accelerate the international expansion of its battery-integrated ultra-fast EV chargers. The round was 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 round brings the six-year-old company’s total venture funding to nearly $100 million. FreeWire is the global market leader in battery-integrated EV charging. In conjunction with the funding, FreeWire also announced the appointment of Robert Tichio to its Board of Directors.

Founded in 2014 by FreeWire provides smart battery systems for EV charging and mobile distributed power. It provides clean, quiet mobile power, and fast charging that’s available and easy to deploy. The company’s products deliver power wherever and whenever users need it, without the added costs of construction or infrastructure upgrades.

FreeWire said the new investment will also enable the company to accelerate international market expansion of its flagship product, Boost Charger™, and expand production capacity to meet unprecedented customer demand.

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 160 kWh of battery capacity and 120 kW 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.

“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 ultra-fast charging where high power grid connections are not readily available or are cost-prohibitive.

“The Boost Charger represents a step-change in charging technology and is an essential solution to deliver fast, scalable, cost-effective, and widespread EV charging to the public. We are pleased to have Riverstone join with EIC and the other early investors in FreeWire to accelerate deployment of this innovative charging technology,” said Kevin Skillern, Managing Partner of Energy Innovation Capital.

The investment comes on the heels of a recent agreement with the United Kingdom’s (UK) largest charging network operator, bp pulse, to be the exclusive operator of the company’s Boost Charger in the UK. FreeWire has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. The company intends to deploy more than 2,500 ultrafast charging stations by 2025.

“FreeWire is driving widespread, sustainable electrification at the grid edge with the support of our incredible partners. The investment from Riverstone is a strong signal of confidence in our technology and company’s position in what we predict will be the biggest market opportunity of this decade,” said Arcady Sosinov, CEO of FreeWire Technologies.

Source: FreeWire