The Volvo Cars Tech Fund has invested in Freewire Technologies, a mobile and stationary energy storage startup located in the San Francisco Bay Area. The Fund invests in the tech and mobility sectors to shape the future of transportation.

“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range. 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,” said Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund.

According to the Volvo website, in 2019 every new Volvo will be either a hybrid or fully electric. By 2021, the company will have five new fully electric models, and by 2025 one million electrified vehicles in operation. Currently, there are several hybrids available.