Stanley Ventures Takes Lead in Freewire Series A

 

SAN LEANDRO — FreeWire Technologies, a startup that specializes in mobile and networked energy storage, announced that Stanley Ventures, a division of Stanley Black & Decker, is the lead investor for FreeWire Technologies’ ongoing Series A financing round.

The investment will strengthen Stanley Black & Decker’s position in mobile and networked energy technologies. Stanley is the world’s leading provider of tools and storage. The company’s brands include: STANLEY, BLACK+DECKER, DEWALT, Craftsman, Porter-Cable, Bostitch, Facom, Mac Tools, Proto, Vidmar, Lista, and more.

FreeWire 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.

Michael Mahan, Investment Manager at Stanley Ventures, will join FreeWire’s Board of Directors. Stanley’s commitment and support will help grow the company’s mobile power product line. Not only will the team provide direct investment, but will also help FreeWire scale in the rental equipment, and heavy machinery sectors, industries closely aligned with Stanley’s core expertise.

“The mobile energy marketplace is rapidly evolving,” said FreeWire CEO Arcady Sosinov. “Stanley Black & Decker is not only an established industry leader, but a pioneer of innovation and development. FreeWire is excited to partner with Stanley Black & Decker and to deliver world-class products to benefit customers in need of clean and mobile energy across the globe.”

FreeWire plans to close their 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.