FreeWire is getting ready for market expansion and hopes to sell thousands of battery-integrated fast chargers.
FreeWire Technologies, specialized in battery-integrated ultra-fast chargers, announced a $50 million Series C funding round, which brings the company’s total venture funding to nearly $100 million.
The round was led by Riverstone Holdings (Riverstone), with participation from current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group.
According to the press release, FreeWire intends to significantly scale up its business and expand internationally. So far, the company has deployed over 200 battery-integrated chargers “with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations.” The plan for the next five years (by 2025) is to deploy more than 2,500 units.
The flagship product for FreeWire is the Boost Charger – a 120 kW DC charger (CCS, or 100 kW CHAdeMO), equipped with a 160 kWh lithium-ion battery, which requires input power of just up to 27 kW (AC).
“The urgent need for more EV charging is placing significant demands on local electric grids. FreeWire’s Boost Charger connects to existing low-voltage grid infrastructure while enabling high power DC fast-charging from its integrated 160 kWh lithium-ion battery. FreeWire’s technology enables ultrafast charging where high power grid connections are not readily available or are cost prohibitive.”
Kevin Skillern, Managing Partner of Energy Innovation Capital said:
“The Boost Charger represents a step-change in charging technology and is an essential solution to deliver fast, scalable, cost-effective, and widespread EV charging to the public. We are pleased to have Riverstone join with EIC and the other early investors in FreeWire to accelerate deployment of this innovative charging technology,”
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