National Electric Vehicle Infrastructure (NEVI) Program Key Takeaways and Requirements✕
LAS VEGAS, NV – Today, FreeWire Technologies, the leading manufacturer of ultrafast, battery-integrated EV charging equipment and solutions, announced a vendor financing partnership with Patriot Capital Corporation for its flagship product, Boost Charger™. The announcement occurred at this week’s 2022 National Association of Convenience Stores (NACS) Show in Las Vegas, Nevada.
By funding 100% of the project cost through a simple application process and tapping into attractive federal and state incentive programs, Patriot Capital and FreeWire will provide retail customers the ability to deploy EV charging equipment in a turnkey way. As a result, retailers can spread charger project costs over time while generating revenue from EV charging and driving additional foot traffic to their site on day one.
“Through our partnership with Patriot Capital, FreeWire is pleased to introduce a new vendor financing option for Boost Charger purchases,” said FreeWire CFO, Michael Beer. “Our new financing offer will provide retail customers with capital flexibility to fund electric vehicle (EV) charging equipment, adding an attractive amenity with a minimal upfront cost.”
Furthermore, FreeWire’s unique battery-integrated design enables Boost Charger to seamlessly connect to existing infrastructure without burdensome construction costs and complex permitting restraints. Boost Charger features a 160 kWh battery capacity and only needs a fraction of the input power required of legacy charging while delivering 200 kW of high-power charging to all EV makes and models.
“We are thrilled to partner with FreeWire to provide our exceptional financial solutions combined with an easy process and keen focus on enabling retailers and commercial customers to acquire the FreeWire Boost Charger,” said Chris Santy, President of Patriot Capital. “FreeWire’s Boost Charger is a dynamic and flexible solution that we know will resonate with customers who want to offer all available “fueling” solutions, including EV charging, to their growing customer base. We are excited about the opportunity to help FreeWire and their customers capture the growing EV market”.
FreeWire anticipates that the increased availability of EV charging incentives at the state and federal levels will increase franchisee demand and significantly improve return on investment for site hosts. Through the National Electric Vehicle Infrastructure Program (NEVI), for example, states will be investing $5 billion over the next several years to support the deployment of ultrafast EV charging along designated corridors. Learn more, here: https://freewiretech.com/nevi-program
Additionally, FreeWire’s battery-integrated charging technology is uniquely positioned to be eligible for either an EV charging investment tax credit or an energy storage investment tax credit through the recently passed Inflation Reduction Act (IRA). In either instance, customers will be able to capture a business tax credit that will offset up to 30 percent of the total costs of purchase and installation of charging equipment, up to $100,000 per charger.
About FreeWire Technologies
Founded in 2014, FreeWire Technologies is a global electric vehicle (EV) charging and energy solutions provider and a leading manufacturer of ultrafast, battery-integrated EV charging stations and power solutions. FreeWire’s fully-integrated Boost Charger™ plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the high costs of EV charging directly from the electric grid. FreeWire’s technology is deployed across Fortune 100 companies, commercial and utility customers, fleets, retail locations, and gas stations across the U.S. As the world seeks to electrify with the urgency it demands, FreeWire is a trusted partner to conventional fuelers –both small and large– supporting their entrance into the EV charging market and increasing the availability and reliability of EV charging across America.
About Patriot Capital Corporation
Patriot Capital Corporation celebrates its 22nd year of enabling entrepreneurs to succeed by providing hassle-free equipment financing to retailers in the convenience store and commercial fueling industry together with other retail and manufacturing industries. Patriot has been recognized as “Best in U.S”. by the EMA, Energy Marketers of America. Patriot Capital is the leading provider of capital equipment financing and leasing to NACS (National Association of Convenience Stores), EMA, and SIGMA (Society of Independent Gasoline Marketers of America) members. Most importantly, our 7500 customers nationwide turn to us to grow their business while retaining their capital and bank relationships for future growth. For additional information, please visit www.patriotcapitalfinance.com. Patriot Capital is headquartered in Atlanta, Georgia.
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