Commitment of $10m to FreeWire Technologies, Inc.

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