Electric vehicle charging startup FreeWire Technologies Inc. will close its Newark corporate headquarters and lay off virtually all employees by the end of next month.
FreeWire will shutter its site at 7200 Gateway Blvd. by June 24, impacting "all" of the site's 113 employees, the company announced in a mass layoff notice made public this week. The startup moved into the 66,000-square-foot facility in 2022, christening it in a press release at the time as its global headquarters and hub for R&D, testing and manufacturing.
Since its founding in 2014, the EV charger and battery maker has raised more than $225 million from investors including Blackrock, Riverstone Capital and BP, per its website. In mid-2021, Bloomberg reported the company was in discussions to go public through a SPAC merger after raising a $50 million fundraising round earlier that year.
On Wednesday afternoon a FreeWire spokesperson acknowledged the "efforts to right-size the operations of the company" and said it is "actively seeking further funding." The spokesperson did not respond to questions on how many employees — if any — will remain at the company after the layoffs. I'll update this story if I hear back.
"The EV market is currently facing some headwinds, and like many players in the industry, we're navigating through these challenges," the spokesperson said. "Additional capital is necessary to further support our growth initiatives and ensure continued success. Therefore, we are actively seeking further funding, a step that aligns with strategies pursued by many companies in the industry. Meanwhile, we are making efforts to right-size the operations of the company."
"We remain confident in our team, our technology, and our vision for the future of clean energy solutions," the statement continued.
The layoff notice lists FreeWire's COO; Chief Commercial Officer; Chief Legal Officer; and more than two dozen managers, vice president and senior roles, but not the CEO — who is listed on the company's website as Wayne Hoovestol.
An email request for comment to founder and CCO Arcady Sosinov was not immediately returned on Wednesday.
One LinkedIn user identified as a former FreeWire employee referenced "the news of the FreeWire restructuring" and wished the best for their former colleagues in a post on the social media network last week which was "liked" by several users identifying as current FreeWire employees. The post date coincides with when current employees were informed of the cuts, per the layoff notice.
"The future of clean transportation is bright, and the skills and expertise of the Freewire team are valuable across the board, from design and development to manufacturing, mechanical, power electronics, hardware, and software," the post read. "I have no doubt you'll all land on your feet."
