Phillips 66 Taps FreeWire Technologies to Support Its First EV Charging Program in U.S.

Rhea-AI Summary

Phillips 66 (NYSE: PSX) has partnered with FreeWire Technologies to launch its first electric vehicle (EV) charging program in the U.S. The initiative supports the companies' commitment to lower-carbon solutions and involves deploying FreeWire's ultrafast, battery-integrated charging technology at Phillips 66's fueling stations. With around 7,000 U.S. sites, the collaboration aims to enhance EV charging speed and accessibility, catering to the growing demand for electric fueling. FreeWire recently raised $125 million to further its operations, showcasing its leadership in EV charging solutions.

Positive

• Partnership with FreeWire enhances Phillips 66's commitment to lower-carbon solutions.
• Deployment of ultrafast, battery-integrated charging technology at 7,000 retail locations.
• Supports growing consumer demand for electric vehicle charging infrastructure.
• FreeWire raised $125 million, indicating strong investor confidence.

Negative

• None.

Companies to develop a program to deploy rapid-charging, battery-integrated technology, advancing their commitment to lower-carbon solutions

LAS VEGAS--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) signed a letter of intent with FreeWire Technologies in support of its first electric-vehicle charging program in the United States, the two companies announced Wednesday.

The announcement highlights Phillips 66’s commitment to pursue lower-carbon solutions and comes as an endorsement of FreeWire’s ultrafast, battery-integrated charging technology. The two companies will explore opportunities to deploy FreeWire’s technology within Phillips 66’s U.S. fueling stations and other strategic locations.

“With EV adoption growing, Phillips 66 is working with FreeWire to bring consumers electric fueling stations that meet their expectations for high-speed, on-the-go charging,” said Pam McGinnis, Vice President, Global Marketing at Phillips 66.

FreeWire joined Phillips 66 at its branded marketer conference in Las Vegas this week to showcase the agreement. Phillips 66 plans to expand its base of electric fueling stations by leveraging its retail network of approximately 7,000 U.S. sites using the Phillips 66^®, 76^® and Conoco^® brands.

“We are thrilled to play a leading role in Phillips 66’s electrification plans that unlock new customer relationships with EV drivers,” said Arcady Sosinov, FreeWire Founder and CEO. “As charging demand continues to surge, our battery-integrated chargers offer the streamlined, shovel-ready solution that many entering the EV charging space are looking for.”

FreeWire’s Boost Charger offers an attractive alternative to costly and time-intensive upgrades to electrical grid and power infrastructure of an individual site. It connects to existing infrastructure without burdensome construction costs and permitting restraints.

“We like battery-enabled chargers for many reasons. They reduce operational costs by charging up the battery when power is cheaper but still provide capacity to give customers a rapid charge,” said Lou Burke, Manager of Branded Sales at Phillips 66. “These types of chargers require minimal electrical infrastructure investment, significantly reducing permitting and time to value.”

FreeWire recently launched its new global headquarters, R&D and manufacturing facility in Newark, California. The company’s new 66,000-square-foot facility aims to accelerate the development and introduction of ultrafast charging and energy storage solutions.

“We see this as the first of many exciting announcements to come in the fuel delivery space,” said Sosinov. “We’re tremendously thankful to the Phillips 66 team for trusting in our technology and execution as they make this important step toward electrification.”

FreeWire’s Boost Charger was recently showcased as a finalist in Fast Company’s 2022 World Changing Ideas Awards’ Transportation Category. In April, FreeWire raised an additional $125 million in new capital from investors, including asset manager BlackRock, Inc.

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

About FreeWire Technologies

Founded in 2014, FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost Charger^TM plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601006100/en/

Phillips 66:

Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com



Shannon Holy (investors)

832-765-2297

shannon.m.holy@p66.com



Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com



FreeWire:

Daniel Zotos

(617) 448-7497

dzotos@freewiretech.com

Source: Phillips 66

FAQ

What is the recent partnership involving Phillips 66 and FreeWire Technologies?

Phillips 66 has signed a letter of intent with FreeWire to develop a rapid EV charging program in the U.S.

How many locations will Phillips 66 deploy FreeWire's charging technology?

Phillips 66 plans to implement FreeWire's technology at approximately 7,000 fueling stations across the U.S.

What are the benefits of FreeWire's Boost Charger technology?

FreeWire's Boost Charger offers high-speed charging without costly upgrades to electrical infrastructure, reducing permitting and construction time.

Why is the partnership significant for Phillips 66 investors?

The partnership positions Phillips 66 to meet growing consumer demand for EV charging, potentially enhancing revenue and market share.