Volvo expands electric vehicle portfolio with FreeWire stake
Volvo Cars, the Swedish auto manufacturer, has acquired a stake in the electric vehicle (EV) charging firm, FreeWire Technologies.
The company bought the shares through its Volvo Cars Tech Fund, which it launched earlier in 2018.
Volvo has referred to the San Francisco-based firm as a “pioneer in flexible fast charging technology for electric cars.”
“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range,” commented 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.”
“FreeWire’s fast charging technology holds great promise to simplify the experience for customers of electrified Volvos,” added Atif Rafiq, Chief Digital Officer at Volvo Cars.
“With this move, we aim to make the future of sustainable, electric cars more practical and convenient.”
FreeWire reduces the cost and complexity associated with installing fast-charging EV stations by using low-voltage power.
Volvo has invested in the firm as part of its electrification strategy, which supports the widespread transition to electric mobility.
“We’re thrilled to partner with Volvo Cars to develop new markets and business models around our EV fast charging and ultra-fast charging technology,” noted Arcady Sosinov, CEO of FreeWire.
“Having a car maker with both the legacy and future vision of Volvo is going to give us access to technology, testing and new strategies that will really accelerate the growth of the company.”
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