California-based electric vehicle charging and power solutions- FreeWire Technologies has reportedly raised USD 50 million in Series C funding round led by Riverstone Holdings and saw the participation from existing shareholders bp ventures, TRIREC, Alumni Ventures Group, and Energy Innovation Capital.
For the record, the latest investment by Riverstone- a leading energy private equity company, marks the first private equity investment made in FreeWire and also showcases the significance of battery-integrated charging technology to meet the rapidly increasing demand for electric vehicle charging stations, globally.
Notably, with the new investment, the company aims at expanding the market for its flagship offering- Boost Charger™ along with expanding its production capacity to meet escalating customer demands.
According to a statement by Robert Tichio, Partner and Managing Director, Riverstone, the investment underlines the energy private equity firm’s aim to support innovation that meets the growing demand for energy along with managing climate change risks.
It is worth mentioning that, rise in awareness among people regarding the need to adopt sustainable mobility alternatives has supported the adoption of electric vehicles, further anchoring the development of EV charging stations.
Boost Charger, a product offered by FreeWire, helps connect to the present low-voltage grid infrastructures that allow high power DC fast-charging from its 160 -kWh lithium-ion battery. The company’s technology allows ultrafast charging where high-power connections are either expensive or unavailable.
Kevin Skillern, Managing Partner of Energy Innovation Capital, was reportedly quoted stating that the Boost Charger represents an evolution in charging technology and is an integral step to deliver fast, cost-effective, scalable, and a wide EV charging solution to the public.
Through the investment made by Riverstone joined by EIC and other investors, the deployment of EV charging technology by FreeWire will be accelerated, he further added.
As per reliable sources, the investment comes after the agreement between FreeWire and BP pulse- UK’s largest charging network solutions provider, under which for it to become an exclusive operator of the former’s Boost Charger technology across the UK.
Additionally, FreeWire has deployed more than 200 battery- integrated chargers with the Fortune 100 companies, retail locations, commercial customers, and gas stations. In addition to the above, the company plans to deploy over 2,500 ultrafast charging stations by 2025.