Commercial, Distributed Generation - October 24, 2018
Volvo Cars invests in EV tech
Volvo Cars continued its commitment to the expansion of the electric vehicle market on Oct. 24 when it acquired a stake in a San Fransisco-based electric car charging company.
Using the Volvo Cars Tech Fund, a program launched earlier this year for investment in high potential tech start-ups within the auto industry, Volvo Cars invested in FreeWire Technologies to support the growth of both stationary and mobile fast charging technologies for electric cars. The partnership does not include the direct ownership of charging or service stations.
The charging technology developed by FreeWire Technologies uses low-voltage power, which allows vehicles to be charged using existing power outlets, rather than needing to establish a high-voltage connection to the grid.
Volvo Cars has previously committed to the growth of the electric vehicle market by confirming that every new car launched from 2019 will be electrified, moving toward its goal of 50% of its global sales coming from fully electric cars by 2025.
"Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range," Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund, said in a statement. "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."
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