Riverstone Energy Limited Commitment of $10m to FreeWire Technologies, Inc. (1320N)
January 28 2021 - 1:00AM
UK Regulatory
TIDMRSE
RNS Number : 1320N
Riverstone Energy Limited
28 January 2021
LEI: 213800HAZOW1AWRSZR47
Riverstone Energy Limited
Announces Commitment of $10 million to FreeWire Technologies,
Inc.
London, UK (28 January 2021). RIGL Holdings, LP ("Riverstone"),
the Manager of Riverstone Energy Limited ("REL"), has announced the
signing of an agreement for REL to invest $10 million in FreeWire
Technologies, Inc. ("FreeWire"), the leading provider of
battery-integrated DC fast chargers (DCFCs) and their associated
software. Another Riverstone fund also participated in the
transaction, investing $10 million for a total investment of $20
million from Riverstone affiliated investment vehicles.
Based in the San Francisco Bay Area and led by co-founder and
CEO Arcady Sosinov, FreeWire designs, manufactures, and markets
unitized battery-integrated DCFCs to customers such as retailers,
utilities, electric vehicle fleet operators, and charging station
network operators across the globe. In addition to hardware sales,
FreeWire's software platform offers recurring revenues, enabling
charger management and third-party platform integration with plans
to offer energy management and grid services.
This investment supports the electrification and decarbonisation
of transportation. DCFC plays a significant role for electric
vehicles when charging time and high utilisation are critical, such
as retail, ride hailing/taxi and emergency service fleets or on
highway corridors. Yet, conventional DCFC economics are challenged
by demand charges, electrical infrastructure upgrades and extended
site development timelines. Coupling energy storage with DCFCs
eliminates these barriers, accelerating the deployment of critical
DCFCs. Further, as battery prices and performance continue to
improve, the use cases for the integrated battery charger will
continue to grow and increase the addressable market.
REL views FreeWire as a unique opportunity to capitalise on
momentum within both the electric vehicle and energy storage
megatrends. This investment, alongside the recent decarbonisation
investment in Loanpal (fintech for home efficiency including
residential solar), exemplifies REL's continued efforts to increase
exposure to the global energy transition thematic while also
providing the opportunity to generate strong returns for
shareholders.
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests
exclusively in the global energy industry across all sectors. REL
aims to capitalise on the opportunities presented by Riverstone's
energy investment platform. REL's ordinary shares are listed on the
London Stock Exchange, trading under the symbol RSE. REL has 11
active investments spanning decarbonisation, oil and gas, renewable
energy and power in the Continental U.S., Western Canada, Gulf of
Mexico and Europe.
For further details, see www.RiverstoneREL.com
About Riverstone Holdings LLC:
Riverstone is an energy and power--focused private investment
firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre,
Jr. with approximately US$41 billion of capital raised. Riverstone
conducts buyout and growth capital investments in the E&P,
midstream, oilfield services, power, and renewable sectors of the
energy industry. With offices in New York, London, Houston, Mexico
City, Amsterdam and Menlo Park, Riverstone has committed over US$41
billion to more than 200 investments in North America, Latin
America, Europe, Africa, Asia, and Australia.
For further details, see www.RiverstoneLLC.com
Neither the contents of Riverstone Energy Limited's nor
Riverstone Holdings' websites nor the contents of any website
accessible from hyperlinks on the websites (or any other website)
is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Jingcai Zhu
+1 212 271 6261
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