Volvo Cars has via the Volvo Cars Tech Fund bought a stake in electric car company FreeWire Technologies, which will deepen Sweedish involvement in electric mobility.
Volvo's electric future does not envision direct ownership of charging or service stations development, so partial ownership in FreeWire will give it possibility of indirect way to support widespread of electric mobility together with other partners in the company.
FreeWire is a San Francisco based company which focuses on providing mobile and stationary flexible fast-charging technology for electric cars. The most interesting are mobile charging stations, which do not need cost- and labor-intensive process to connect charging stations to the grid, but can instead use existing power outlets.
»FreeWire’s fast-charging technology holds great promise to simplify the experience for customers of electrified Volvos,« said Atif Rafiq, Chief Digital Officer at Volvo Cars. »With this move, we aim to make the future of sustainable, electric cars more practical and convenient.«
»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,« added Arcady Sosinov, CEO of FreeWire. »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.«