Ultra-fast electric vehicle (EV) charging provider FreeWire Technologies has closed a $50 million Series C funding round, Kallanish reports.

Led by energy private equity firm Riverstone Holdings and current shareholders bp ventures, Energy Innovation Capital, TRIREC, and Alumni Ventures Group, the latest funding round brings investment in the US-based start-up to nearly $100m since its establishment in 2014, having completing Series A and B rounds in 2018 and 2020 respectively.

The company states that the funding will facilitate international expansion for its flagship product, Boost Charger, which aims to reduce stress on local power grids as EV charging infrastructures are scaled up.  

FreeWire’s Boost Charger connects to existing low-voltage grid infrastructure for high power DC fast-charging from an integrated 160 kilowatt-hour lithium-ion battery, where “high power grid connections are not readily available or are cost prohibitive.” The company aims to deploy more than 2,500 ultra-fast charging stations by 2025, having already installed 200 battery-integrated chargers across a number of private, commercial and retail locations.

“The investment from Riverstone is a strong signal of confidence in our technology and company's position in what we predict will be the biggest market opportunity of this decade,” says Arcady Sosinov, chief executive of FreeWire.

In December, the company signed a memorandum of understanding with EV charging network operator bp pulse to deploy Boost Charger in its operations across the UK, in a deal which the company states could be valued at more than $50m if finalised.