FreeWire Technologies continues to bring out-of-the-box thinking to a vital segment of EV charging infrastructure. Today, FreeWire announced a clever new Accelerate Program that essentially installs and manages its EV charger technology at no cost to businesses, making profits elsewhere while speeding up the adoption rate on new installations. The program’s first business to sign up is surprising but encouraging.
FreeWire Technologies is an EV fast charging and energy management solutions company celebrating a decade of existence this year. We tend to give the company plenty of coverage because every time the FreeWire team reaches out, it’s with news of a fresh approach to charging programs – all with the goal of expediting the world’s transition to electric vehicles.
The company’s current portfolio includes Boost 150 and Boost 200 chargers, designed to support businesses and commercial fleets, which have recently been joined by a new Pro line of piles that support nascent technologies like bidirectional charging.
Those chargers are further supported by FreeWire’s proprietary Asset Management Platform (AMP), which uses AI to determine the ideal locations for installs and provides data and tools beyond deployment.
Up until now, FreeWire’s business approach has been to sell its charging technology directly to businesses, banking on their low grid dependency and ease of installation as huge selling points. However, to further entice businesses to adopt its charger technology, FreeWire has introduced a new Accelerate Program that offers the piles with zero upfront costs.
Chevron joins FreeWire’s new EV charger program
FreeWire explained how its new Accelerate program works as a new business model in which the charger company invests in the locations of its businesses who opt-in, owning and operating all the equipment.
This program offers businesses virtually zero upfront costs to have custom-branded FreeWire chargers installed. Those businesses are then empowered to collect payments from their charging amenities on-site. Furthermore, each FreeWire pile features a 24″ screen for marketing opportunities.
Essentially, FreeWire is paying businesses like Chevron, the first company to sign up for the Accelerate Program, for use of its property to install its charger technology. FreeWire, in turn, operates and maintains the equipment and takes the profits from EV charging sessions.
That said, FreeWire confirmed participating businesses will receive a share of charging session revenues and are protected by a guaranteed minimum payment for leasing parking spots to the charger company.
The program also allows participating businesses to fully own the charging station(s) after five years of operation. FreeWire founder and CCO Arcady Sosinov spoke about the unique, cost-heavy approach to its new program:
The Accelerate Program demonstrates our conviction in the improving economics of EV charging. We are investing our capital to promote our customers’ businesses enabling them to market an EV offering under their brand with zero upfront costs. This is an unparalleled opportunity for businesses to leverage the growing need for this amenity. At FreeWire, we envision a future where EV adoption is uninhibited by available charging infrastructure, and the Accelerate Program is a crucial step towards making that vision a reality.
In addition to the Accelerate Program, FreeWire says it will continue to offer businesses the opportunity to purchase its chargers outright for a larger portion of revenue for those sessions. By offering multiple pathways to installations, FreeWire hopes it can help accelerate the number of available piles to meet the impending demand EV adoption will put on infrastructure.
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