FreeWire Technologies, a leading manufacturer of ultrafast, battery-integrated EV charging equipment and solutions, announced a vendor financing partnership with Patriot Capital Corporation for its flagship product, Boost Charger. The announcement occurred at he 2022 National Association of Convenience Stores (NACS) Show in Las Vegas, Nevada.
By funding 100% of the project cost through a simple application process and tapping into attractive federal and state incentive programs, Patriot Capital and FreeWire will provide retail customers the ability to deploy EV charging equipment in a turnkey way. As a result, retailers can spread charger project costs over time while generating revenue from EV charging and driving additional foot traffic to their site on day one.
“Through our partnership with Patriot Capital, FreeWire is pleased to introduce a new vendor financing option for Boost Charger purchases,” said FreeWire CFO, Michael Beer. “Our new financing offer will provide retail customers with capital flexibility to fund electric vehicle (EV) charging equipment, adding an attractive amenity with a minimal upfront cost.”
Furthermore, FreeWire’s unique battery-integrated design enables Boost Charger to seamlessly connect to existing infrastructure without burdensome construction costs and complex permitting restraints. Boost Charger features a 160 kWh battery capacity and only needs a fraction of the input power required of legacy charging while delivering 200 kW of high-power charging to all EV makes and models.
“We are thrilled to partner with FreeWire to provide our exceptional financial solutions combined with an easy process and keen focus on enabling retailers and commercial customers to acquire the FreeWire Boost Charger,” said Chris Santy, President of Patriot Capital. “FreeWire’s Boost Charger is a dynamic and flexible solution that we know will resonate with customers who want to offer all available “fueling” solutions, including EV charging, to their growing customer base. We are excited about the opportunity to help FreeWire and their customers capture the growing EV market”.
FreeWire anticipates that the increased availability of EV charging incentives at the state and federal levels will increase franchisee demand and significantly improve return on investment for site hosts. Through the National Electric Vehicle Infrastructure Program (NEVI), for example, states will be investing $5 billion over the next several years to support the deployment of ultrafast EV charging along designated corridors. Learn more, here: https://freewiretech.com/nevi-program
Additionally, FreeWire’s battery-integrated charging technology is uniquely positioned to be eligible for either an EV charging investment tax credit or an energy storage investment tax credit through the recently passed Inflation Reduction Act (IRA). In either instance, customers will be able to capture a business tax credit that will offset up to 30 percent of the total costs of purchase and installation of charging equipment, up to $100,000 per charger.