Volvo invests in EV charging company

Volvo Cars has acquired a stake in electric car charging company FreeWire Technologies.

The investment comes via the Volvo Cars Tech Fund and deepens the company’s commitment to a fully electric future.

While Volvo Cars’s electrification strategy does not envision direct ownership of charging or service stations, the investment in FreeWire reinforces its overall commitment to supporting a widespread transition to electric mobility with other partners.

FreeWire is a San Francisco-based company that has been a pioneer in flexible fast charging technology. It specialises in both stationary and mobile fast charging.

Installing traditional fixed fast-charging stations is usually a costly and labour-intensive process needing a lot of electrical upgrades to support the connection between charging stations and the main electrical grid.

FreeWire’s charging stations remove that complication and use low-voltage power, allowing operators to simply tap existing power outlets. This means drivers can enjoy all the benefits of fast charging without operators needing to go through the hassle of establishing a high-voltage connection to the grid.

Every new Volvo car launched from 2019 will be electrified, and by 2025 the company aims for fully electric cars to comprise 50% of its overall global sales.

“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range,” Volvo Cars Tech Fund chief executive officer Zaki Fasihuddin says. “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.”

Volvo Cars chief digital officer Atif Rafiq says the aim is to make the future of sustainable, electric cars more practical and convenient.

FreeWire chief executive officer Arcady Sosinov says the deal will give access to technology, testing, and new strategies that will accelerate the company’s growth.

The Volvo Cars Tech Fund was launched earlier this year and aims to invest in high-potential technology start-ups around the globe. It focuses its investments on strategic technology trends transforming the auto industry, such as artificial intelligence, electrification, autonomous drive and digital mobility services.

Its first investment was in Luminar Technologies, a leading start-up in the development of advanced sensor technology in autonomous vehicles.