Geely's Volvo Cars has acquired a stake in electric car charging company FreeWire Technologies via its recently established Tech Fund.
The automaker stressed its electrification strategy does not envision direct ownership of charging or service stations though the investment in FreeWire "reinforces its overall commitment to supporting a widespread transition to electric mobility together with other partners".
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By GlobalDataFreeWire is a San Francisco based company pioneering in flexible fast charging technology for electric cars.
It specialises in both stationary and mobile fast charging technology, allowing electric car charging to be deployed quickly and widely.
Installing traditional fixed fast charging stations is usually a cost and labour intensive process that requires a lot of electrical upgrades to support the connection between charging stations and the main electrical grid.
FreeWire's charging stations remove that complication and use low voltage power, allowing operators to simply use existing power outlets. This means drivers can get fast charging without establishing a high voltage connection to the grid.
"Volvo Cars' future is electric, as reflected by our industry leading commitment to electrify our entire product range," said Zaki Fasihuddin, CEO of the Tech Fund.
"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."
The Tech Fund was launched earlier this year and aims to invest in high potential technology start ups around the globe. It focuses its investments on strategic technology trends transforming the auto industry, such as artificial intelligence, electrification, autonomous drive and digital mobility services.
Its first investment was in Luminar Technologies, a startup in the development of advanced sensor technology for use in autonomous vehicles, with which Volvo Cars collaborates on development and testing of LiDAR sensing technology.
