BP Ventures has invested in US-headquartered energy tech company FreeWire Technologies as it continues its bid to create a digital tech portfolio.
BP Ventures – which has invested US$5 million (£3.53 million) in the company previously – led FreeWire's latest funding round alongside new investors ABB Technology Ventures and Energy Innovation Capital.
A total of US$25 million (£20 million) was raised through Series B and venture debt financing, with FreeWire stating there were a number of other financial and strategic investors, including Silicon Valley Bank.
FreeWire describes itself as "delivering flexible and future-proof power solutions for the grid edge". This latest tranche of financing will support the commercialisation of its ultra-fast EV charging technologies.
It announced the launch of its newest product, the Boost Charger, in 2019, which offers battery-integrated ultrafast EV charging. FreeWire touted the charger as being able to be deployed with existing infrastructure at up to 40% lower cost of installation compared to other high power chargers. It is set to hit the market in Q2 2020.
“BP is committed to remaining the leader in the energy sector. We see FreeWire as a key contributor to our strategy of diversifying our energy portfolio and helping ensure we are well positioned to meet future demand,” David Gilmour, global managing director of BP Ventures, said.
BP Ventures has been making a number of investments as it looks to create “a portfolio around digital technology”.
BP Ventures has four key areas for its investments, including low-carbon power, storage, the digital energy value chain and wider energy as a service offers.
Its investments into EVs form a part of this final segment, with the company having also invested in Chinese EV charging provider PowerShare in 2019.
It launched a trial of FreeWire's charging technology in the UK at its filling station in Hammersmith in 2018.