Volvo increases electric commitment
Volvo Cars has acquired a stake in electric car charging company FreeWire Technologies via the Volvo Cars Tech Fund, deepening the company’s commitment to a fully electric future.
While Volvo Cars’ electrification strategy does not envision direct ownership of charging or service stations, the investment in FreeWire reinforces its overall commitment to supporting a widespread transition to electric mobility together with other partners.
FreeWire is a San Francisco-based company that has been a pioneer in flexible fast-charging technology for electric cars. It specialises in both stationary and mobile fast-charging technology, allowing electric car charging to be deployed quickly and widely.
Installing traditional fixed fast-charging stations is usually a cost- and labour-intensive process that requires a lot of electrical upgrades to support the connection between charging stations and the main electrical grid.
FreeWire’s charging stations remove that complication and use low-voltage power, allowing operators to simply use existing power outlets. This means drivers can enjoy all the benefits of fast charging without operators needing to go through the hassle of establishing a high-voltage connection to the grid.
Volvo Cars has one of the auto industry’s most ambitious electrification strategies. Every new Volvo car launched from 2019 will be electrified, and by 2025 the company aims for fully electric cars to make up 50 per cent of its overall global sales.