US-based electrical charging technology developer FreeWire Technologies completed a $25m series B equity and debt round yesterday led by oil and gas supplier BP’s corporate venturing unit, BP Ventures.
The round included ABB Technology Ventures, the strategic investment arm of power and automation technology producer ABB, as well as venture capital firm Energy Innovation Capital, Silicon Valley Bank and unnamed additional investors.
FreeWire provides ultra-fast electric vehicle chargers in addition to smart mobile generators marketed as an alternative to diesel systems. The series B funds will fund commercialisation of its technology as it prepares to release its next product, the Boost Charger, later this year.
The company received an undisclosed amount from Macquarie Capital Venture Studio, a partnership between advertising agency R/GA, and asset manager Macquarie Partners, in late 2018.
BP Ventures had led a $15m series A round for FreeWire just before that had included Volvo Cars Tech Fund and Stanley Ventures, which invested on behalf of commercial vehicle producer Volvo and toolmaker Stanley Black and Decker respectively.
Blue Bear Capital, Oski Clean Energy Partners, Strawberry Creek Ventures, Spike Ventures and Trirec also took part in the round.
Frank Muehlon, ABB’s managing director of electric vehicle charging infrastructure, is joining the company’s board of directors along with Benjamin Stanzl of Energy Innovation Capital. BP Ventures senior principal Daniela Proske was already a board member.
