Newark, California-based FreeWire Technologies, a manufacturer of ultra-fast electric vehicle chargers and energy management solutions has apparently planned to cease operations and announced the closure of its 66,000-square-foot headquarters office.
The June 24, 2024, closure will impact all 113 employees, including the company's COO, Chief Commercial Officer, Chief Legal Officer, and more than two dozen managers, vice presidents, and other senior roles. Only the company's CEO is not included in the layoff list provided to the State of California.
According to a company spokesperson, "As a company committed to transparency and open communication, we want to address recent discussions regarding FreeWire’s financial situation.
The EV market is currently facing some headwinds, and like many players in the industry, we’re navigating through these challenges. However, it’s important to note that FreeWire’s quality initiatives and production are better situated than ever before. Our dedication to quality improvement has strengthened our market position during these uncertain times.
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 continuing operations and supporting our valued customers, while making efforts to right-size the company.
We remain confident in our team, our technology, and our vision for the future of clean energy solutions. We appreciate the ongoing support of our stakeholders and partners as we work to overcome these challenges and continue to drive positive change in the EV market."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?