FreeWire Technologies, a leader in electric vehicle charging and power solutions, has announced a $50 million (£37 million/€41 million) series C funding round today, led by Riverstone Holdings (Riverstone). It includes 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 electric vehicle 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.
Robert Tichio, Riverstone partner and managing director, said: “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 mega-trend of vehicle electrification.”
The urgent need for more electric vehicle 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.
Kevin Skillern, Energy Innovation Capital managing partner, said: “The Boost Charger represents a step-change in charging technology and is an essential solution to deliver fast, scalable, cost-effective, and widespread electric vehicle 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.”
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.
Arcady Sosinov, CEO of FreeWire Technologies, said: “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 the company’s position in what we predict will be the biggest market opportunity of this decade.”
The round brings the six-year-old company’s total venture funding to nearly $100 million (£73 million/€82 million). FreeWire is the global market leader in battery-integrated electric vehicle charging. The closing of the $50 million Series C round is concurrent with the appointment of Robert Tichio to FreeWire’s board of directors.