This should help Volvo charge its future electric models.
Volvo is among the automakers who have completely embraced the idea of electrification. The Swedish automaker has aggressive plans to electrify its lineup, including an all-electric version of the XC40 crossover. In a bid to improve its entry into fully electric cars, Volvo has invested in a San Fransisco-based tech startup called FreeWire Technologies. We don't know the exact terms of the deal but we do know Volvo has acquired a sizable stake in FreeWire to help boost its commitment towards an electric future.
FreeWire is mainly known for building portable EV charging stations, which can be deployed almost anywhere without the need for existing infrastructure. This will allow EV owners to charge their cars in an apartment structure, an empty parking lot, or even after running out of electricity on the side of the road.
The technology employed by FreeWire is very different than Tesla's Supercharger network, which requires expensive infrastructure. Volvo doesn't want to build new infrastructure or own its own charging stations, so this investment seems like the next best thing to provide an easy method of charging for owners.
"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."
Earlier this year, the Volvo Cars Tech Fund invested in Luminar Technologies, a leading developer of advanced sensor technology for use in autonomous vehicles. Volvo has big plans to sell one million electric cars by 2025, so this investment into FreeWire certainly won't be the last one we see from the Volvo Cars Tech Fund.