Volvo Invests in Mobile Charging Specialist

Volvo Car Corp. has acquired an unspecified stake in FreeWire Technologies Inc., a San Leandro, Calif.-based company that specializes in mobile fast-charging systems for electric vehicles.

Terms of the investment, which was made by the carmaker’s Volvo Tech Fund subsidiary, weren’t disclosed. Earlier this year, the 8-month-old fund bought a stake in Silicon Valley lidar-developer Luminar Technologies Inc.

FreeWire says its mobile charger can be used for any current EV or plug-in hybrid vehicle. The company, which is targeting businesses and multi-home housing complexes, says mobile units allow for greater flexibility and are less expensive than fixed location stations.

In January, oil and gas giant BP invested $5 million in FreeWire and began installing EV chargers at service stations in Europe. Other investors include Bell Energy and several venture capital firms.

Volvo says it invested in FreeWire to better understand customer concerns about electric cars, including battery charging options. Volvo plans to offer electrified powertrains in all its vehicles starting next year and derive half its sales from full EVs by 2025.