BlackRock Backs Ultrafast EV Charging Startup FreeWire’s $125 Million Capital Raise
Ultrafast electric vehicle charging startup FreeWire Technologies announced today that it has raised $125 million in new capital in a Series D financing, from investors including BlackRock and bp ventures.
Launched in 2014, FreeWire manufacturers battery-integrated EV charging stations and power solutions. The company’s Boost Charger combines proprietary battery and power conversion technology, enabling providers to deploy ultrafast charging through existing and ubiquitous low-voltage utility service, without requiring extensive grid upgrades.
The financing consisted of a Senior Convertible Note provided exclusively by funds and accounts managed by BlackRock, and a concurrent equity raise.
Steven Karpel, Managing Director, Fundamental Fixed Income at BlackRock
“BlackRock’s investment in FreeWire Technologies underscores our confidence in the company’s innovative product suite and its ability to accelerate EV adoption while mitigating the strain on the electric grid.”
FreeWire stated that the new capital will support the company’s growth plans, including accelerating commercial deployments of its battery-integrated ultrafast EV charging technology and increasing manufacturing capacity to meet growing demand in high priority markets such as the UK, Canada, Japan, and Australia & New Zealand. The company recently broke ground on a new 66,000-square-foot R&D facility in California, , anticipated to be fully operational by Summer 2022. Additionally, FreeWire will invest in expanding its talent pool, and in R&D.
Arcady Sosinov, Founder and CEO of FreeWire Technologies, said:
“The most significant barrier to mass EV adoption is the electric grid, which simply can’t meet the power demand required for ultrafast charging to sustainably and cost-effectively electrify our transportation system. FreeWire’s fully-integrated Boost Charger breaks down this barrier by combining battery technology, power conversion technology, and software to enable utilities, retailers, fleets, and site-owners across the U.S. to scale up ultrafast EV charging quickly without requiring expensive and time-consuming utility upgrades.”