FreeWire Technologies, a San Leandro, Calif.-based technology company that specializes in mobile and networked energy storage, is raising Series A financing round.
The round, which is planned to close by the end of October, with participation from a syndicate of yet-to-be-announced venture capital investors, as well as additional strategic partners, is being led by Stanley Ventures, a division of Stanley Black & Decker. Michael Mahan, Investment Manager at Stanley Ventures, will join FreeWire’s Board of Directors in conjunction with the investment, which is aimed at strengthening Stanley Black & Decker’s position in mobile and networked energy technologies.
The company will use the funds to grow its mobile power product line and scale in the rental equipment, and heavy machinery sectors, industries closely aligned with Stanley’s core expertise.
Led by CEO Arcady Sosinov, FreeWire specializes in mobile and networked energy storage systems. The company offers solutions for electric vehicle charging and mobile distributed power through the Mobi product line, which combines hardware with a user-focused software suite.