Volvo doesn’t envision direct possession of charging or service stations.
Volvo Vehicles, via its lately launched Volvo Vehicles Tech Fund, has acquired a stake in electrical automotive charging firm FreeWire Applied sciences, which earlier this 12 months attracted additionally BP Ventures ($5 million funding).
Volvo doesn’t reveal how a lot it invested, however expects that having FreeWire on-board will “reinforces its general dedication to supporting a widespread transition to electrical mobility along with different companions”.
Volvo Vehicles says that its electrification technique doesn’t envision direct possession of charging or service stations, nevertheless the corporate sees potential in cell quick charging items in some purposes.
“Putting in conventional fastened fast-charging stations is often a cost- and labour intensive course of that requires numerous 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 to easily use current energy shops. This implies drivers can take pleasure in all the advantages of quick charging with out operators needing to undergo the effort of building a high-voltage connection to the grid.”
From 2019 on, all new Volvo fashions shall be electrified. By 2025 50% of gross sales to be all-electric.
Zaki Fasihuddin, CEO of the Volvo Vehicles Tech Fund mentioned:
“Volvo Vehicles’ future is electrical, as mirrored by our industry-leading dedication to affect our total product vary. To help wider client adoption of electrical automobiles, society must make charging an electrical automotive so simple as filling up your tank. Our funding in FreeWire is a agency endorsement of the corporate’s ambitions on this space.”
Atif Rafiq, chief digital officer at Volvo Vehicles mentioned:
“Freewire’s quick charging expertise holds nice promise to simplify the expertise for purchasers of electrified Volvos. With this transfer, we goal to make the way forward for sustainable, electrical automobiles extra sensible and handy.”
Arcady Sosinov, CEO of FreeWire mentioned:
“We’re thrilled to companion with Volvo Vehicles to develop new markets and enterprise fashions round our EV quick charging and ultra-fast charging expertise. Having a automotive maker with each the legacy and future imaginative and prescient of Volvo goes to provide us entry to expertise, testing, and new methods that can actually speed up the expansion of the corporate.”