Venture Capital News: FreeWire Technologies Scoops Up $25M
SAN LEANDRO, CA, FreeWire Technologies has announced the successful closing of $25 million Series B and venture debt financing.
FreeWire Technologies, a pioneer in delivering flexible and future-proof power solutions for the grid edge, has announced the successful closing of $25 million 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.
The financing will support the commercialization of FreeWire's ultrafast electric vehicle charging technologies. These 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.
"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."
In late 2019, FreeWire announced the launch of the newest addition to its product portfolio, the Boost Charger. This technology 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. The Boost Charger is expected to hit the market in the second quarter of this year.
"FreeWire was one of the first investments in the BP mobility space, and we continue to be impressed with its forward-looking approach and growth potential," said David Gilmour, Global Managing Director of BP Ventures. "BP is committed to remaining the leader in the energy sector. We see FreeWire as a key contributor to our strategy of diversifying our energy portfolio and helping ensure we are well positioned to meet future demand."
The closing of the Series B round is concurrent to the announcement of ABB Technology Ventures and Energy Innovation Capital as investors, and the appointment of both Frank Muehlon, Managing Director of Electric Vehicle Charging Infrastructure at ABB, and Benjamin Stanzl, Managing Director at Energy Innovation Capital, to FreeWire's Board of Directors.
About FreeWire Technologies
FreeWire Technologies merges beautiful design with convenient services to electrify industries formerly dependent on fossil fuels. FreeWire's turnkey power solutions deliver energy whenever and wherever it's needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure.
About BP Ventures
BP Ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, BP has invested almost $700 million in technology companies across 31 active investments with more than 250 co-investors.
BP Ventures focuses on connecting and growing new energy businesses, focused on advanced mobility, low carbon and digital, and our core upstream, downstream and alternative energy businesses.
Daniela Proske - Senior Principal, BP Ventures - has a director seat on the board of FreeWire.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the venture capital unit of ABB (NYSE: ABB). ATV partners with and invests in breakthrough technology companies aligned with ABB's goal to write the future of industrial digitalization. Since its formation in 2009, ATV has deployed more than $200 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, cybersecurity, electric mobility, smart buildings and distributed energy. Learn more at www.abb.com/ventures.
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
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