FreeWire Technologies, a leading manufacturer of ultrafast battery-integrated electric vehicle (EV) charging equipment and solutions, has announced a vendor financing partnership with Patriot Capital Corporation in the USA. This is for its flagship Boost Charger.
By funding 100 per cent of the project cost through a simple application process and tapping into attractive federal and state incentive programs, Patriot Capital and FreeWire will provide retail customers with the ability to deploy EV charging equipment in a turnkey way.
As a result, retailers can spread charger project costs over time while generating revenue from charging and driving additional foot traffic to their site on day one.
Michael Beer, FreeWire CFO, said: “Through our partnership with Patriot Capital, FreeWire is pleased to introduce a new vendor financing option for Boost Charger purchases.
“Our new financing offer will provide retail customers with capital flexibility to fund electric vehicle charging equipment, adding an attractive amenity with a minimal upfront cost.”
Furthermore, FreeWire’s unique battery-integrated design enables Boost Charger to seamlessly connect to existing infrastructure without burdensome construction costs and complex permitting restraints.
The boost Charger features a 160kWh battery capacity and only needs a fraction of the input power required of legacy charging while delivering 200 kW of high-power charging to all EV makes and models.
Chris Santy, Patriot Capital president, said: “We are thrilled to partner with FreeWire to provide our exceptional financial solutions combined with an easy process and keen focus on enabling retailers and commercial customers to acquire the FreeWire Boost Charger.
“FreeWire’s Boost Charger is a dynamic and flexible solution that we know will resonate with customers who want to offer all available ‘fuelling’ solutions, including EV charging, to their growing customer base. We are excited about the opportunity to help FreeWire and their customers capture the growing EV market”.
FreeWire anticipates that the increased availability of EV charging incentives at the state and federal levels will increase franchisee demand and significantly improve return on investment for site hosts.
Through the National Electric Vehicle Infrastructure Program (NEVI), for example, states will be investing $5 billion over the next several years to support the deployment of ultrafast EV charging along designated corridors.
FreeWire’s battery-integrated charging technology is uniquely positioned to be eligible for either an EV charging investment tax credit or an energy storage investment tax credit through the recently passed Inflation Reduction Act (IRA).
In either instance, customers will be able to capture a business tax credit that will offset up to 30 per cent of the total costs of purchase and installation of charging equipment, up to $100,000 per charger.
Recently, FreeWire Technologies announced it would be making ultrafast battery-integrated electric vehicle charging available at Chevron and Texaco stations in the USA.