Momenta Partners Invests In FreeWire Technologies
Sept. 6, 2017
Momenta Partners, a Connected Growth Partner, announced today they have invested in FreeWire Technologies’ ongoing Series A financing round. In addition to venture capital, Momenta will also provide Executive Search and Advisory support, thus delivering holistic value to FreeWire during this vital phase in the company’s scaling-up period.
FreeWire has developed the Mobi product line, a ruggedized line of mobile distributed charging products that can deliver clean, affordable power to EV and genset applications. The Mobi uses advanced IoT technology for efficiency, scalability, ease of installation, and for providing customers with valuable charging data.
“FreeWire Technologies fits perfectly into our thesis of IoT companies that differentiate themselves with innovative technology and horizontal applicability in the fast-changing distributed energy landscape,” said Dweep Chanana, Principal Partner and Head of Venture Investments at Momenta Partners. “The Mobi has a well-defined use case that spans a variety of industries.”
FreeWire CEO Arcady Sosinov echoed Chanana’s sentiment. “There is a valuable harmony between FreeWire’s market alignment and Momenta’s three-pronged approach to investment support,” he said. “We are excited to see how their unique offering contributes to FreeWire’s development as a leader in the electrification space.”
FreeWire plans to close their Series A round by the end of September, with participation from a syndicate of yet-to-be-announced venture capital investors, as well as additional strategic partners.
With offices across the U.S. and EU, Momenta Partners are globally recognized as Connected Industry Growth Partners, providing highly-focused growth services for companies in Telemetry, Industrial Automation, RFID, M2M and IoT. They deploy industry-leading Advisory, Executive Search, M&A and Venture Capital practices to accelerate the growth of, and provide optionality for Connected Industry companies.
About FreeWire Technologies:
FreeWire Technologies specializes in mobile and networked energy storage. The Bay Area-based company offers solutions for electric vehicle charging and mobile distributed power through the Mobi product line, which combines first-of-its-kind hardware with a user-focused software suite. FreeWire has established itself as a leader in the development, marketing, and distribution of affordable energy storage systems.