Volvo invests in mobile EV rapid charging startup
Volvo Cars has invested in charging point company FreeWire Technologies, which has developed a cheaper and less labour-intensive solution for installing rapid chargers for electric vehicles.
Based in San Francisco, FreeWire Technologies also attracted investment from BP late last year, with a view to rolling out its Mobi Charger units at forecourts in the UK and Europe. These do no require a high-voltage grid connection, which cuts the time, cost and labour required to roll out rapid charging.
FreeWire Technologies’ funding is supplied via the Volvo Cars Tech Fund, which launched earlier this year to back technology startups around the world. Its first investment was in Luminar Technologies, which develops sensor technologies for autonomous vehicles.
Atif Rafiq, chief digital officer at Volvo Cars, said: “Freewire’s fast charging technology holds great promise to simplify the experience for customers of electrified Volvos. With this move, we aim to make the future of sustainable, electric cars more practical and convenient.”
Arcady Sosinov, CEO of FreeWire, commented: “Having a car maker with both the legacy and future vision of Volvo is going to give us access to technology, testing, and new strategies that will really accelerate the growth of the company.”