Volvo Cars Tech Fund Invests In EV Charging Company FreeWire
Volvo Cars recently acquired a stake in electric car charging company FreeWire Technologies via the Volvo Cars Tech Fund, deepening the Swedish automaker’s commitment to a fully electric future.
Volvo’s electrification strategy does not envision direct ownership of charging or service stations. The investment in FreeWire reinforces the company’s overall commitment to supporting a widespread transition to electric mobility together with other concerned partners. FreeWire is a pioneer in flexible fast-charging technology for electric cars. Based out of San Francisco, it specialises in both stationary and mobile fast-charging tech, allowing electric car charging to be deployed quickly and widely.
Setting up traditional fixed fast-charging stations is usually a cost and labour-intensive process that entails substantial electrical upgrades to support the connection between charging stations and the main electrical grid. FreeWire’s charging stations eliminate that complication and use low-voltage power. This enables operators to make use of existing power outlets, meaning drivers can enjoy all the benefits of fast charging without operators having to go through the hassle of installing a high-voltage connection to the grid.
Volvo Cars is one of the foremost firms pushing electrification aggressively on a global scale. Every new Volvo car launched from 2019 will be electrified, with the company aiming to haveÂ EVs make up half its total sales by 2025.Â â€œVolvo Carsâ€™ future is electric, as reflected by our industry-leading commitment to electrify our entire product range,â€ said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. â€œTo support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank. Our investment in FreeWire is a firm endorsement of the companyâ€™s ambitions in this area.â€
Atif Rafiq, chief digital officer at Volvo Cars, said:Â â€œFreeWireâ€™s fast charging technology holds great promise to simplify the experience for customers of electrified Volvos.Â With this move, we aim to make the future of sustainable, electric cars more practical and convenient.â€
â€œWeâ€™re thrilled to partner with Volvo Cars to develop new markets and business models around our EV fast charging and ultra-fast charging technology,â€ said Arcady Sosinov, CEO of FreeWire. â€œHaving 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.â€
The recent investment into FreeWire comes after the VolvoÂ Tech Fund poured its resources into Luminar Technologies, a startup developing advanced sensor technology that uses Volvo cars as test mules for its LiDAR sensing system.