GÖTEBORG, Sweden, June 17,
2022 /PRNewswire/ -- Volvo Energy invests in the
UK-based, second-life battery energy storage specialist Connected
Energy in order to further accelerate Volvo Group's battery
business and sustainability opportunities.
In its mission to support and secure an attractive and
sustainable circular business model for batteries, Volvo Energy is
investing approx. SEK 50 M for 10
percent in the UK-based second-life battery energy storage
specialist Connected Energy.
"There is a great deal of untapped potential in the second-life
use of batteries. This forward-leaning investment aims to
facilitate the scaling-up of second-life battery energy storage
systems and further secure circular business opportunities for the
forthcoming ramp-up in Volvo Group's second-life battery returns,"
says Joachim Rosenberg, President
Volvo Energy. He continues: "Together with Connected Energy, we
will minimize the environmental impact of the batteries that has
powered Volvo Group vehicles. By repurposing the batteries, we
obtain the full value from them – from a climate, environment and
business perspective."
"We couldn't be more pleased to welcome our new investor Volvo
Energy on board and look forward to forging a path to increasing
the sustainability of both electric vehicles and grid connected
energy storage. Our collaboration will enable us to optimize the
potential for battery reusage and ensure that the resources in the
batteries are used effectively," says Matthew Lumsden, CEO Connected Energy.
Volvo Energy is one of five new investors including
Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria,
OurCrowd to join existing investors of Connected Energy; Engie New
Ventures, Macquarie, and the Low Carbon Innovation Fund.
Facts Volvo Energy
Volvo Energy is a business area within the Volvo Group dedicated
to providing essential support and infrastructure during the
first-life, i.e. when batteries are mounted on vehicles, whilst
subsequently securing reliable and sustainable second-life
opportunities prior to battery recycling. Consequently, Volvo
Energy supports to optimize first-life, creates and prolongs the
second-life opportunities and thereby expanding the value creation
from a climate, environment and business perspective.
Facts Connected Energy
With its headquarters in Newcastle upon Tyne, Technical Centre in
Norfolk and systems operational in
the UK, Belgium, Germany and Netherlands, Connected Energy is one of only a
handful of companies in the world to have proven that second life
vehicle batteries can be used in commercial battery storage
systems. Connected Energy has sixteen operational systems across
Europe: Belgium, Germany, the
Netherlands and the UK with its largest at Cranfield
University in Bedfordshire,
England.
June 17, 2022
Journalists wanting further information, please
contact:
Claes Eliasson,
Volvo Group Media Relations
+46765537229
For more information, please visit
volvogroup.com
For frequent updates, follow us on Twitter:
@volvogroup
The Volvo Group drives prosperity through transport and
infrastructure solutions, offering trucks, buses, construction
equipment, power solutions for marine and industrial applications,
financing and services that increase our customers' uptime and
productivity. Founded in 1927, the Volvo Group is committed to
shaping the future landscape of sustainable transport and
infrastructure solutions. The Volvo Group is headquartered in
Gothenburg, Sweden, employs almost
95,000 people and serves customers in more than 190 markets. In
2021, net sales amounted to about SEK 372
billion (EUR 37 billion).
Volvo shares are listed on Nasdaq Stockholm.
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SOURCE AB Volvo