Located in an old Chrysler and Dodge manufacturing building, energy tech company FreeWire Technologies has secured a $25 million funding round led by BP Ventures.
The money will go toward commercializing the San Leandro-based company’s latest super fast car-charging technology, which can essentially be plugged in like a washer or dryer. FreeWire had planned to hire aggressively this year to expand its sales and operations teams, but with the fallout from the coronavirus pandemic, they’re slowing down. Now the company plans to add 10 employees to the existing 40 by the end of the year.
With new capital, the company is in good shape to ride out the pandemic, assuming it ends at some point. To date, the startup has raised $40 million. BP Ventures, an existing investor and led the round with new investors ABB Technology Ventures and Energy Innovation Capital.