ABB backs smart charger development

April 23, 2020 //By Nick Flaherty
FreeWire's battery backed smart charger
FreeWire Technologies in the US has raised $25m for its battery-backed smart charger for electric vehicles from European investors BP Ventures and ABB.

The backing for teh California startup was led by existing investor, BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital. They were also joined by a number of other financial and strategic investors including Silicon Valley Bank.

The funding supports the commercialization of FreeWire’s ultrafast electric vehicle charging technologies. The Boost Charger works with existing infrastructure, it can be set up without costly construction or permitting by using a 160 kWh battery to deliver a 120 kW output for current and next generation EVs.

The smart charger is expected to hit the market in the second quarter of this year.

“We’re excited to announce the addition of key strategic investors that will help scale the organization to deliver ultrafast charging to customers worldwide,” said Arcady Sosinov, CEO of FreeWire. “Our continued partnership with this diverse group of new and existing investors demonstrates their determination to resolve a wide range of energy challenges and our joint commitment to a future with flexible, sustainable electrification.”

“FreeWire was one of the first investments in the BP mobility space, and we continue to be impressed with its forward-looking approach and growth potential,” said David Gilmour, Global Managing Director of BP Ventures. “BP is committed to remaining the leader in the energy sector. We see FreeWire as a key contributor to our strategy of diversifying our energy portfolio and helping ensure we are well positioned to meet future demand.”

www.freewiretech.com

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