– USA, CA – FreeWire Technologies Inc., an electric vehicle charging and power startup has raised $50 million in a Series C funding round led by energy-focused private equity firm Riverstone Holdings, alongside existing shareholders including the venture arm of BP Plc, Energy Innovation Capital, Trirec and Alumni Ventures Group also participating in the round.
Concurrent with the financing, Robert Tichio, partner at Riverstone will join the company’s board.
With this new round, FreeWire has raised $100 million in total funding to date.
“One of the reasons we placed our bet here is that FreeWire’s technology is more advanced,” said Riverstone partner Robert Tichio, who will join the company’s board. “Its commercial relationships have even further and deeper penetration than almost all of its public comps.”
Six-year-old FreeWire’s products are used to charge electric vehicles and power events and construction sites, its website shows. It plans to have more than 2,500 ultrafast charging stations by 2025.
BloombergNEF forecasts that the U.S. will need 330,000 public chargers installed by 2025 to support its base-case scenario of 4.5 million consumer EVs and e-vans on roads. Fast-chargers with integrated storage are becoming increasingly popular because they reduce the cost of updating grid networks and avoid excessive loads caused by EV charging.
In Germany, utility provider EON SE has partnered with Volkswagen AG on a similar network of chargers with an integrated battery system.
BP’s involvement in the round is the latest among energy companies making bets on green infrastructure and alternative-energy.
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.
FreeWire Technologies is backed by world-class venture capital firms and Fortune Global 500 companies.
For more information: https://freewiretech.com/
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