US-based electric vehicle (EV) charging technology developer FreeWire Technologies completed a $15m series A round led by BP Ventures, the corporate venturing subsidiary of petroleum supplier BP, on Tuesday.
BP Ventures had invested $5m in the company in January this year, after Stanley Ventures, the investment arm of industrial tool maker Black and Decker, provided an undisclosed sum in September 2017.
Volvo Cars Tech Fund, an investment vehicle for carmaker Volvo Cars, joined the round by investing an undisclosed amount in October 2018.
Blue Bear Capital, Oski Clean Energy Partners and Trirec all participated in the round along with Strawberry Creek Ventures and Spike Ventures, venture capital funds backed by the University of California, Berkeley, and Stanford University respectively.
Founded in 2014, FreeWire Technologies manufactures and supplies EV charging stations and mobile power systems that can replace or complement traditional energy infrastructure such as diesel generators.
FreeWire will use the capital to bolster its sales and operations team and commercialise its charging technology. BP Ventures has also begun deploying the company’s EV fast chargers at petrol stations in the UK.
David Gilmour, vice president of BP Ventures, said: “FreeWire was one of BP’s first investments in the advanced mobility space and we remain excited by their expertise and technologies.
“Mobility continues to evolve, and BP is committed to remaining the fuel retailer of choice. We see FreeWire playing an important role in our varied offering and helping ensure we are well positioned to meet future demand.”