Substantiating its plans of a fully electrified line up in the coming years, Volvo has acquired a stake in vehicle charging company FreeWire Technologies.
The Swedish carmaker will be tapping into its recently launched tech fund that aims at technology startups. This investment by Volvo comes a few months after it invested in Luminar, a manufacturer of Lidar, a major tech for autonomous vehicles.
“There are quite a few companies that we’re looking at in Europe right now. Since we’re constantly searching for investments it’s very possible we will make another investment before year-end,” Volvo Tech Fund CEO Zaki Fasihuddin told Automotive News Europe.
Reports suggest that the company has no intentions of having a direct ownership of charging stations. According to a statement that was issued by the company, Volvo stated that the investment in FreeWire reinforces its overall commitment toward the transition to electric mobility.
FreeWire provides a unique service to its customers with a mobile charging unit that can be deployed to an apartment complex giving people the ability to recharge their batteries without any additional infrastructure.
Fasihuddin stated that Volvo’s investment in FreeWire was aimed at having a better understanding of the problems about electric cars, such as where they can book a charge and how the charging tech will communicate with the car.
“There are so many issues to think about and we want to get out ahead of that because we think there is a tsunami coming. And we’re part of creating that because in the coming years half of the cars will be fully electric,” Fasihuddin told Automotive News.