Volvo Automobiles has acquired a stake in cell EV fast charging firm FreeWire Applied sciences (earlier submit) through the Volvo Automobiles Tech Fund. BP’s venturing enterprise invested $5 million in FreeWire earlier this 12 months.
FreeWire is a San Francisco-based firm that has been a pioneer in versatile fast-charging expertise for electrical vehicles. It focuses on each stationary and cell quick charging expertise, permitting electrical automobile charging to be deployed shortly and broadly.
Freewire merchandise at the moment supply Stage 2 charging at 7.5 kW or DC quick charging at 50 kW. The L2 fashions recharge from a wall outlet; every unit is provided with twin J1772 plugs and may cost 2 autos without delay. The L3 quick chargers additionally recharge from a wall outlet; every mannequin is suitable with CHAdeMO or Tesla requirements.
Freewire says it’s creating a 120 kW quick charging resolution that can add 480 miles of vary in 1 hour.
Whereas Volvo Automobiles’ electrification technique doesn’t envision direct possession of charging or service stations, the funding in FreeWire reinforces its general dedication to supporting a widespread transition to electrical mobility along with different companions, the corporate stated.
Putting in conventional mounted fast-charging stations is normally a cost- and labor intensive course of that requires electrical upgrades to help the connection between charging stations and the primary electrical grid. FreeWire’s charging stations take away that complication and use low-voltage energy, permitting operators merely to make use of current energy shops. Drivers thus can take pleasure in all the advantages of quick charging with out operators needing to undergo the effort of creating a high-voltage connection to the grid.
Each new Volvo automobile launched from 2019 will likely be electrified, and by 2025 the corporate goals for absolutely electrical vehicles to make up 50% of its general world gross sales.
Volvo Automobiles’ future is electrical, as mirrored by our industry-leading dedication to impress our complete product vary. To help wider client adoption of electrical vehicles, society must make charging an electrical automobile so simple as filling up your tank. Our funding in FreeWire is a agency endorsement of the corporate’s ambitions on this space.—Zaki Fasihuddin, CEO of the Volvo Automobiles Tech Fund
The Volvo Automobiles Tech Fund was launched earlier this 12 months and goals to put money into high-potential expertise start-ups across the globe. It focuses its investments on strategic expertise developments remodeling the auto , akin to synthetic intelligence, electrification, autonomous drive and digital mobility providers.
Earlier this 12 months, the Volvo Automobiles Tech Fund introduced its first funding in Luminar Applied sciences, a number one start-up within the improvement of superior sensor expertise to be used in autonomous autos, with whom Volvo Automobiles collaborates on the event and testing of its LiDAR sensing expertise on Volvo vehicles.
Firms profit from participation by the Volvo Automobiles Tech Fund as they might acquire the power to validate applied sciences, speed up market introduction, in addition to doubtlessly entry Volvo Automobiles’ world community and distinctive place within the Chinese language automobile market.