October 24, 2018
Volvo Cars Tech Fund invests for an electric future
The Volvo Cars Tech Fund is always on the lookout for exciting and innovative technology start-ups that have the potential to transform our industry, whether they specialise in autonomous driving, artificial intelligence or electrification.
With both stationary and mobile fast-charging technology being FreeWire’s forte, they fall in the latter category. And since Volvo Cars has one of the car industry’s most ambitious electrification strategies, as the company aims for fully electric cars to make up 50 per cent of its overall global sales by 2025, our Tech Fund connected the dots and made the investment.
Easy to install, easy to use
At Volvo Cars, we ask ourselves: How can we make life easier for our customers? San Francisco-based FreeWire’s stationary technology is in line with that thinking, as it allows fast charging for electric cars to be deployed quickly and widely, with as little impact on the electrical grid as possible – thereby separating themselves from the traditional fixed fast-charging stations.
Instead of connecting charging stations to the main electrical grid – something that requires money, sweat and elbow grease – FreeWire use low-voltage power. That allows operators to plug in to existing power outlets, meaning the stations are very easy to install.
Volvo Cars identifies the investment as a reinforcement of our commitment to a future where fully electric cars are the norm, while the technology itself is an important step towards more charging infrastructure.
“Volvo Cars’ future is electric”
While Volvo Cars’ electrification strategy does not feature plans on directly owning charging or service stations, we’re more than happy to support companies in that industry through investments like this. And when you set as ambitious goals as Volvo, where every new Volvo car launched from 2019 will be electrified, we want the decision to go electric to be even easier.
“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund. “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.”
Our Tech Fund was launched earlier this year and aims to invest in high potential technology start-ups around the globe. Its first investment was in Luminar Technologies, a leading start-up that develops advanced sensor technology for use in autonomous vehicles.
Watch Zaki Fasihuddin, CEO at Volvo Cars Tech Fund, and Arcady Sosinov, Founder and CEO of FreeWire talk about electrification.