FreeWire secures $50m funding to expand EV charging infrastructure

Electric vehicle (EV) charging and power solutions provider FreeWire Technologies has raised $50m in a Series C funding round to scale-up ultrafast EV charging infrastructure.

The round was led by private equity firm Riverstone Holdings (Riverstone), with participation from existing shareholders, including bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group.

FreeWire Technologies CEO Arcady Sosinov said: “FreeWire is driving widespread, sustainable electrification at the grid edge with the support of our incredible partners.

“The investment from Riverstone is a strong signal of confidence in our technology and the company’s position in what we predict will be the biggest market opportunity of this decade.”

FreeWire will use the investment to fast-track the expansion of its flagship product called Boost Charger in the overseas market, as well as to increase production capacity to meet customer demand.

The investment by Riverstone is said to be the first investment in FreeWire and underlines the importance of battery-integrated charging technology to meet the rising demand for EV charging solutions.

Riverstone partner and managing director Robert Tichio said: “We are thrilled to be working with FreeWire Technologies. This investment underscores Riverstone’s support for innovation that meets the rising demand for energy while managing climate change risks.

“FreeWire is situated for long-term growth with a unique technology to address the megatrend of vehicle electrification.”

With this investment, Tichio will be joining FreeWire’s board of directors.

Until now, FreeWire is said to have positioned more than 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations.

It also aims to install more than 2,500 ultrafast charging stations by 2025.