FreeWire Technologies, a San Leandro, Calif.-based provider of power solutions for the grid edge, closed $25m Series B and venture debt financing.
The round was led by existing investor, BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital. They were also joined by a number of other financial and strategic investors including Silicon Valley Bank. In conjunction with the funding, Frank Muehlon, Managing Director of Electric Vehicle Charging Infrastructure at ABB, and Benjamin Stanzl, Managing Director at Energy Innovation Capital, joined FreeWire’s Board of Directors.
The financing will support the commercialization of FreeWire’s ultrafast electric vehicle charging technologies.
Led by Arcady Sosinov, CEO, FreeWire Technologies provides power solutions that deliver energy whenever and wherever it’s needed for reliable electrification beyond the grid. This enables customers to tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure.
In late 2019, the company announced the launch of the Boost Charger, which offers battery-integrated ultrafast EV charging that can be deployed with existing infrastructure at up to 40% lower cost of installation versus other high power chargers.