US-based electric vehicle (EV) charging system provider FreeWire Technologies completed a $50m series C round on Tuesday that included oil and gas supplier BP’s corporate venturing unit, BP Ventures.
Private equity firm Riverstone Holdings led the round, which also featured investment holding company Trirec and venture capital firms Energy Innovation Capital and Alumni Ventures Group. The company said it has now secured almost $100m to date.
FreeWire produces EV chargers for use by business customers in areas such as corporate campuses or by fleet operators that need to charge a range of vehicles quickly. It will put the cash into ramping up production of its Boost Charger and expanding its sales overseas.
Arcady Sosinov, FreeWire’s chief executive, said: “FreeWire is driving widespread, sustainable electrification at the grid edge with the support of our incredible partners.
“The investment from Riverstone is a strong signal of confidence in our technology and company’s position in what we predict will be the biggest market opportunity of this decade.”
BP Ventures led a $15m series A round for the company in 2018 that also featured Stanley Ventures and Volvo Cars Tech Fund, which invested on behalf of toolmaker Stanley Black & Decker and automotive manufacturer Volvo Cars respectively.
The series A was filled out by Trirec, Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures and Spike Ventures. FreeWire raised an undisclosed amount from Macquarie Capital Venture Studio, a vehicle backed by advertising agency R/GA, later that year.
BP Ventures also led FreeWire’s $25m series B round in April 2020, investing alongside ABB Technology Ventures, a subsidiary of power and automation technology manufacturer ABB, in addition to Energy Innovation Capital, Silicon Valley Bank and undisclosed others.
Photo courtesy of FreeWire Technologies, Inc.
