Published on December 3rd, 2018 | by Jake Richardson0
Volvo Cars Tech Fund Invests In Freewire
December 3rd, 2018 by Jake Richardson
The Volvo Cars Tech Fund has invested in Freewire Technologies, a mobile and stationary energy storage startup located in the San Francisco Bay Area. The Fund invests in the tech and mobility sectors to shape the future of transportation.
“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range. To 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 company’s ambitions in this area,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund.
According to the Volvo website, in 2019 every new Volvo will be either a hybrid or fully electric. By 2021, the company will have five new fully electric models, and by 2025 one million electrified vehicles in operation. Currently, there are several hybrids available.
“We’re thrilled to partner with Volvo Cars to develop new markets and business models around our EV fast charging and ultra-fast charging technology. 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,” said Arcady Sosinov, CEO of FreeWire.
Freewire Technologies was founded in 2014, and ran a successful mobile EV charger pilot program at LinkedIn in 2015; it continues to provide service at the Silicon Valley company to this day.
Some of its other investors are BP, Bell Energy, Stanley Ventures, and Blue Bear Capital. Volvo’s Tech Fund was founded in 2018 and made its first investment in a startup called Luminar which develops LiDAR technology, an important part of autonomous vehicle navigation. Luminar is based in Palo Alto, CA and Orlando, Florida.