FreeWire Technologies, a provider of “power solutions for the grid edge,” has closed a $25-million Series B and venture debt financing round, which was led by existing investor BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital.
The financing will support the commercialization of FreeWire’s fast charging technologies. The company’s solutions are “designed to overcome the inefficiencies of today’s grid infrastructure to meet customers’ growing demand for rapid, cost-efficient power—all while mitigating infrastructure costs and the impact on the grid.”
In late 2019, FreeWire announced the launch of its new Boost Charger, a battery-integrated fast EV charging system. According to the company, the Boost Charger can be deployed with existing infrastructure at up to a 40% lower cost of installation compared to other high-power chargers. It’s expected to hit the market in the second quarter of this year.
“We’re excited to announce the addition of key strategic investors that will help scale the organization to deliver ultrafast charging to customers worldwide,” said Arcady Sosinov, CEO of FreeWire. “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.”
Source: FreeWire Technologies