SAN LEANDRO, CA, FreeWire Technologies, a pioneer in delivering flexible and future-proof power solutions for the grid edge, today announced the successful closing of its $15 million Series A financing.
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The round was led by BP Ventures, with participation from Volvo Cars Tech Fund, Stanley Ventures, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures, TRIREC, and others.
The financing will support the commercialization of FreeWire's ultrafast EV charging and mobile on-site power technologies, along with expansion of the company's operations and sales teams. These solutions are designed to overcome the inefficiencies of today's grid infrastructure to meet customers' growing demand for rapid, cost-efficient power - all without the added costs of construction, hardware installation, or peak surges.
"It is important that our initial group of investors hail from such a diverse set of industries - they collectively reflect a wide range of the energy challenges we are now in a better position to tackle," said Arcady Sosinov, CEO of FreeWire. "Their backing at this pivotal stage is rooted in a shared vision of a future with widespread transition to flexible, sustainable electrification."
In October 2018, Volvo Cars Tech Fund announced an investment in the Bay Area-based startup to support the automaker's long-term electrification strategy. "To support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank," said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. "Our investment in FreeWire is a firm endorsement of the company's ambitions in this area."
At the start of 2018, BP Ventures announced an investment in conjunction with the launch of a pilot program to deploy FreeWire's infrastructure-light EV fast chargers at BP retail sites in the UK.
"FreeWire was one of BP's first investments in the advanced mobility space and we remain excited by their expertise and technologies," said David Gilmour, Vice President of BP Ventures. "Mobility continues to evolve, and BP is committed to remaining the fuel retailer of choice. We see FreeWire playing an important role in our varied offering and helping ensure we are well positioned to meet future demand."
The closing of the Series A round follows the previous announcement of Stanley Ventures as an investor and the appointment of both Michael Mahan, Investment Manager at Stanley Ventures, and Chad Bown, Investment Principal at BP Ventures, to FreeWire's Board of Directors.
The World Economic Forum defines electrification and decentralization as key drivers of grid edge transformation. These converging forces, together with intensifying commitments to shift from fossil fuels to renewable energy resources, are creating greater demand for flexible and sustainable power when and where it's needed. As industries traditionally dependent on fossil fuels become increasingly electrified, FreeWire will continue to create scalable power solutions while mitigating expensive installation costs and site constraints.
About FreeWire Technologies
FreeWire Technologies builds future-proof power solutions that transcend the limitations of existing infrastructure to meet customers' growing needs for rapid, cost-efficient power - wherever it's needed. With FreeWire's infrastructure-light EV charging and mobile power solutions, FreeWire customers can tackle new applications and deploy new business models without the complexity of traditional energy infrastructure. FreeWire's Mobi Charger product line offers mobile EV chargers that can be quickly deployed to shift with the rapidly changing EV landscape. FreeWire's Mobi Gen product line offers clean and quiet on-site power to substitute or supplement the use of diesel generators for a variety of remote power needs.
About BP Ventures
BP Ventures identifies and invests in private, high growth, potentially game-changing technology companies, accelerating cutting-edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested over $450 million in corporate venturing and has more than 40 investments in its current portfolio.
BP Ventures' portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: advanced mobility, bio & low carbon products, carbon management, digital transformation and power & storage.
About Volvo Cars Tech Fund
Volvo Cars Tech Fund is a new venture fund under the Volvo Cars umbrella, and is dedicated to advancing Volvo's mission of ecology, safety, and technology across its vehicles. The fund was established in 2018, and is based out of Volvo Cars R&D Tech Center in Mountain View, California. Read more here.
About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 and FORTUNE 500 company, is the world's largest provider of tools and storage, the world's second-largest commercial electronic security company, and a leading engineered fastening systems provider, with unique growth platforms in the Oil & Gas and Infrastructure industries. Well-known brands include: STANLEY, BLACK+DECKER, DEWALT, Craftsman, Porter-Cable, Bostitch, Facom, Mac Tools, Proto, Vidmar, Lista, and more. Learn more at http://www.stanleyblackanddecker.com.