The startup, FreeWire Technologies Inc, which specializes in charging and powering electric cars, has raised $ 50 million in a Series C financing round.
In an interview on Monday, CEO Arkady Sosinov said the tour was led by energy-focused private equity firm Riverstone Holdings, adding that the round saw the participation of current shareholders, BP’s investment arm Plc), Energy Innovation Capital, Trirec, and Alumni Ventures Group.
Susenov said that “Free Wire” has raised $ 100 million in total funding so far, including the new round, but we were not able to know the company’s evaluation in the new round immediately.
“One of the reasons for our bet on FreeWire is related to its advanced technology,” said Robert Tecchio, partner of Riverston, who will join the company’s board of directors. “Its business relationships are large and deep compared to almost other public companies.”
According to its website, the products of the six-year-old company, FreeWire, are used to charge electric cars and power events and construction sites. The company plans to have more than 2,500 super-fast charging stations by 2025.
Big companies are betting on alternative energy
Bloomberg NEF predicts that the United States will need to install 330,000 public charging devices to support its scenario of vehicle and electric truck consumption, which will reach 4.5 million by 2025. Fast charging devices with storage have increased in popularity because they reduce the cost of modernizing networks. It avoids the overloads caused by charging electric vehicles.
In Germany, service provider EON SE has partnered with Volkswagen to provide a similar network of chargers with an integrated battery system.
The two companies, “Macquarie” and “Volvo”, are current shareholders in “FreeWire”, according to its website.
According to an official statement, BP is the latest energy company, betting on green infrastructure and alternative energy, to participate in the tour, while FreeWire, based in San Leandro, California, has concluded an agreement of more than 50 million dollars with BP to install Fast charging devices in the UK over the next five years.
On Monday, Royal Dutch Shell agreed to buy Ubitricity, the largest operator of the UK’s public electric vehicle charging grid, and is the latest in a series of such investments by Shell. Total has also recently invested in US fuel cell start-up Hyzon Motors through its venture capital arm, Total Carbon Neutrality Ventures.