Volvo makes strides in Electric Vehicle market with FreeWire charging company acquisition
Automotive manufacturer Volvo has increased its involvement in the burgeoning electric vehicles space this week by investing in EV charging company, FreeWire Technologies.
The company made the investment through its Volvo Cars Tech Fund, which it launched earlier in 2018. Volvo has referred to the San Francisco-based firm as a “pioneer in flexible fast charging technology for electric cars”.
“Volvo Cars’ future is electric, as reflected by our industry-leading commitment to electrify our entire product range,” commented Zaki Fasihuddin, CEO of the Volvo Cars Tech Fund.
“To support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank. Our investment in FreeWire is a firm endorsement of the company’s ambitions in this area.”
“FreeWire’s fast charging technology holds great promise to simplify the experience for customers of electrified Volvos,” added Atif Rafiq, Chief Digital Officer at Volvo Cars. “With this move, we aim to make the future of sustainable, electric cars more practical and convenient.”
Arcady Sosinov, FreeWire CEO, said: “We’re thrilled to partner with Volvo Cars to develop new markets and business models around our EV fast charging and ultra-fast charging technology.
“Having a car maker with both the legacy and future vision of Volvo is going to give us access to technology, testing and new strategies that will really accelerate the growth of the company.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.