Volvo Cars Tech Fund Officially Invests In the start-up Freewire
Published December 4, 2018
Earlier in the week, The Volvo Cars Tech Fund officially made an investment in Freewire Technologies, a mobile and stationary energy storage start-up based out of the San Francisco Bay Area.
As per reports, The Fund makes frequent investments in the mobility and tech sector in a bid to shape the future of transportation.
While making the announcement, the CEO of the Volvo Cars Tech Fund, Zaki Fasihuddin said, “as reflected by our industry-leading commitment to electrify our entire product range, dubbed ‘Volvo Cars’ future is electric, we have made this investment in FreeWire which we believe will be a firm endorsement of the company’s ambitions in this space.
The CEO of the Volvo Cars Tech Fund further added, “In a bid to support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank.”
As per data published on the Volvo website, it shows that in the year 2019 every new Volvo will be either fully electric or a hybrid model. Additionally, Volvo also announced that by the year 2021, it shall have five new fully electric models, and 7 years from now by the year 2025 it would have a million electrified vehicles in operation.
Speaking on the partnership agreement, the CEO of FreeWire, Arcady Sosinov said, “We are really excited with the new partnership formed with Volvo Cars for developing new business models and new markets based around our ultra-fast charging and EV fast charging technology. With a car maker like Volvo that has such an incredible legacy and future vision shall permit us with access to testing, technology, and new strategies that shall accelerate the growth of the company.”
ABOUT FreeWire Technologies
Founded as a Silicon Valley company back in 2014, Freewire Technologies continues to offer its services there even to this date, amongst its accolades it is a company acknowledged for successfully running a mobile EV charger pilot program at LinkedIn back in the year 2015.
Categories: Automotive News