Volvo Invests in Electric Charging Company

Volvo's venture investing fund has acquired a stake in FreeWire Technologies, a San Francisco-based company that has developed a flexible fast-charging technology for electric vehicles.

The Volvo Cars Tech Fund, which was launched earlier this year, made the investment. Volvo didn't disclose terms.

FreeWire has developed a charging technology for stations that connect to the electrical grid using low-voltage power and provide fast-charging to EV drivers. Typically fast-charging stations require electrical upgrades to support the connection to the grid. Drivers can use existing power outlets to charge their vehicles at FreeWire stations.

"Freewire's fast charging technology holds great promise to simplify the experience for customers of electrified Volvos,” said 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."

In 2019, Volvo will begin rolling out an ambitious electrification strategy that will involve launching an electrified version of every model in the lineup. By 2025, Volvo hoped to have 50% of its global sales be electrified vehicles.

Earlier this year, Volvo's venture fund invested in Luminar Technologies, which develops advanced sensor technology for autonomous vehicles. Volvo had been collaborating with Luminar on the development and testing of LiDAR technology.