Momenta Partners, Connected Industry Growth Partners, announced today they have invested in FreeWire Technologies’ ongoing $10.5M Series A financing round. In addition to venture capital, Momenta will provide Executive Search and Advisory support, thus delivering holistic value to FreeWire during this vital phase in the company’s scaling-up period.
FreeWire has developed the Mobi product line, a ruggedized line of mobile distributed charging products that can deliver clean, affordable power to EV and genset applications. The Mobi uses advanced IoT technology for efficiency, scalability, ease of installation, and for providing customers with valuable charging data.
“FreeWire Technologies fits perfectly into our thesis of IoT companies that differentiate themselves with innovative technology and horizontal applicability in the fast-changing distributed energy landscape,” said Ken Forster, Managing Director at Momenta Ventures, the venture investments arm of Momenta Partners. “The Mobi has a well-defined use case that spans a variety of industries.”
FreeWire CEO Arcady Sosinov echoed Chanana’s sentiment. “There is a valuable harmony between FreeWire’s market alignment and Momenta’s three-pronged approach to investment support,” he said. “We are excited to see how their unique offering contributes to FreeWire’s development as a leader in the electrification space.”
FreeWire plans to close their Series A round by the end of September, with participation from a syndicate of yet-to-be-announced venture capital investors, as well as additional strategic partners.
About FreeWire Technologies:
FreeWire Technologies specializes in mobile and networked energy storage. The Bay Area-based company offers solutions for electric vehicle charging and mobile distributed power through the Mobi product line, which combines first-of-its-kind hardware with a user-focused software suite. FreeWire has established itself as a leader in the development, marketing, and distribution of affordable energy storage systems.