FreeWire Technologies, a San Leandro, Calif.-based provider of electric vehicle (EV) charging and power solutions, raised $50m in Series C funding round.
The round was led by Riverstone Holdings, with participation from current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group. In conjunction with the funding, Robert Tichio, Partner and Managing Director at Riverstone, joined FreeWire’s Board of Directors.
The company intends to use the funds to accelerate international market expansion of its flagship product, Boost Charger™, and expand production capacity.
Led by Arcady Sosinov, CEO, FreeWire Technologies provides the Boost Charger, which connects to existing low-voltage grid infrastructure while enabling high power DC fast-charging from its integrated 160 kWh lithium-ion battery. The company’s technology enables ultrafast charging where high power grid connections are not readily available or are cost prohibitive.
FreeWire has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations and intends to deploy more than 2,500 ultrafast charging stations by 2025.