FreeWire Technologies today announced that Stanley Ventures, a division of Stanley Black & Decker, is the lead investor for FreeWire Technologies’ ongoing Series A financing round.
The company plans to close its Series A round by the end of October, with participation from a syndicate of yet-to-be-announced venture capital investors, as well as additional strategic partners.
FreeWire has established itself as a leader in the development, marketing, and distribution of affordable energy storage systems. The technology company, based in the San Francisco Bay Area, specializes in mobile and networked energy storage. It offers solutions for electric vehicle charging and mobile distributed power through its Mobi product line, which combines first-of-its-kind hardware with a user-focused software suite.
According to FreeWire’s official statement, Stanley’s support will help grow the company’s mobile power product line. The team will both provide direct investment and also help FreeWire scale in the rental equipment and heavy machinery sectors, industries closely aligned with Stanley’s core expertise.