Volvo Cars has acquired a stake in San Francisco-based FreeWire Technologies via its tech fund. Freewire offers fast-charging technology for electric cars and specialises in both stationary and mobile fast charging technology.
In a press release, Arcady Sosinov, FreeWire’s CEO says: “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.”
Zaki Fasihuddin, Volvo Cars Tech Fund’s CEO adds: “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.”
The Volvo Cars Tech Fund was launched earlier this year. It focuses on investing in the strategic technology trends that are transforming the auto industry, such as artificial intelligence, electrification, autonomous drive and digital mobility services.
BP is also an investor in FreeWire and is trialing its technology at selected retail sites across Europe.